- WonderFi is currently one of Canada’s largest digital asset operators.
- Bitbuy and Coinsquare are two of the largest crypto exchanges residing in Canada.
- Canadian regulators require all crypto exchanges operating in the country to be registered or sign a legally binding agreement on a pending license.
The two of the largest crypto exchanges are Bitbuy and Coinsquare live in Canada, have left over 1 billion Canadian dollars ($736 million) in assets under management.
According to parent company WonderFi’s Dec. 6 announcement, the two companies now hold more than CAD 1 billion in cash and digital asset deposits from customers, up from CAD 695 million ($512 million) in the third quarter.
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“In november month, the sites have experienced a merged 16% increase in monthlywise active users as compared to the previous month active user count. The sites also recorded a 54% increase in total commerce volume,” the company wrote.
In July 2023, Bitbuy and Coinsquare partnered with WonderFi, a decentralized finance (DeFi) platform based on the methodology of Canadian entrepreneur Kevin O’Leary, aka “Mr. Marvel.”
The merger created a mixed consumer base of1.6 million Canadians between all its subsidiaries.
In November 2021, Bitbuy became a completely regulated crypto trade in Canada after being licensed through the Ontario Securities fee.Likewise, in October 2022, Coinsquare became Canada’s first crypto exchange to obtain broker-dealer status with Canada’s Investment Industry Regulatory Authority. During Q3 2023, WonderFi brought in 9.9 million CAD ($7.3 million) in revenue. The company says cash flow turned positive in October.
Currently, Canadian regulators require all crypto exchanges operating in the country to be registered or sign a legally bound entity on a pending license. Major offshore exchanges such as Binance, ByBit and OKX have been suspended in Canada as part of the new rules.
In February, Canadian regulators began requiring crypto exchanges to list unauthorized stable coins with the USD currency.USDC Tickers below $1.00 Exemption is granted. Following the announcement, exchanges such as Kraken and Coin base listed Tether USDT Tickers below $1.00 and other stable coins for Canadian users.
