Blog Post
Catalyx's Statement on the Recent Canadian Crypto Regulation Mandate
- cxdesign
- July 5, 2021
Following the recent announcement by the Ontario’s Security Commission (OSC) to carry out legal action against all unauthorized digital currency exchanges that operate in Canada, several popular cryptocurrency exchanges, including Binance, KuCoin, BitMEX, and many more, have decided to halt their operations in the country after opting not to become registered as a regulated crypto trading platform with the Ontario Securities Commission (OSC).
We are aware of the apprehensions and fears that may have gripped many of our users due to the ongoing situation in Canada. However, all Catalyx’s users will be assured that we are still committed to delivering optimal cryptocurrency trading services that are fully compliant with the regulations of the OSC to all our traders in Canada. In addition, we dedicate to offering a reliable, fast, and secure digital assets trading platform for all Canadians. We hope to expand our digital financial options for Canadians through a regulated and secure exchange system.
In light of the regulatory rules, the OSC has announced a move to crack down on all unregistered cryptocurrency exchanges in the province. They also mandated all crypto trading platforms operating in Canada to register with the Investment Industry Regulatory Organization of Canada (IIROC) as securities exchanges or leave the country.
The benefits of this move by the OSC are not far-fetched; it would help promote innovation in the Canadian capital markets while ensuring traders’ interests in the financial markets are protected. Furthermore, the new OSC securities law will mark the beginning of a new phase vis-à-vis how Canadian regulators approach the emerging crypto sector. It will also ensure crypto firms operate with excellent trading practices that guarantee the best services for their Canadian traders. This move falls in line with our goal of providing impeccable digital currency trading options for our beloved users.
As a registered Money Service Business (MBS) dealing in digital currencies, our priority is ensuring that our trading platform adheres to all Canadian securities laws and regulations. We are fully compliant with FINTRAC (registration number: M18582318), and we also maintain an internal Anti-Money Laundering (AML) system as well as a comprehensive Know Your Customer (KYC) compliance program. These programs operate on the requirements of applicable regulations, anti-money laundering laws, and guidance provided by the financial regulatory authorities in Canada. They are updated from time to time and include the procedures we adopt to verify our prospective clients’ identities.
As you may know, the future of cryptocurrencies is full of uncertainties. We cannot 100% guarantee that the government’s decisions on cryptocurrencies will remain favorable. However, despite the current situation of crypto exchanges in Canada, we will continue to collaborate with the appropriate government agencies to ensure that all our services are fully compliant with the laws of Canada.
We appreciate you all for trusting us in this journey. We promise to continue to deliver the best services, providing you with access to a secure trading platform for all your crypto trading requirements in Canada.
This blog is for informational purposes only.
This does not imply or suggest investment in cryptocurrencies.
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