Wealthsimple Crypto, the first regulated and regulatory compliant cryptocurrency exchange in Canada has officially started operations.
Trading activities on the exchange started on September 22. This will allow users resident in all 13 provinces and territories of Canada to be able to sign up on the exchange and start trading cryptocurrencies.
The cryptocurrency exchange originally announced its plans to offer cryptocurrency trading services in July 2020. Wealthsimple holds the record as the only crypto asset platform that has received authorization to operate in Canada by the Canadian Securities Administration (CSA).
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The cryptocurrency exchange will enable its users to buy and sell Bitcoin (BTC) and Ethereum (ETH) at launch via the platform’s mobile application. Also, deposits and withdrawals will only be made in Canadian dollars.
The cryptocurrency exchange received regulatory approval from the Canadian Securities Administration (CSA) on August 7th.
Before the official launch of the exchange, Wealthsimple Crypto was available in beta allowing Canadians to join a wait list. Over 130,000 Canadians successfully joined the wait list prior to the exchange launch on September 22nd.
Wealthsimple Crypto is powered by Gemini, a United States Blockchain-based platform founded by Cameron Winklevoss and Tyler Winklevoss. Wealthsimple will be using Gemini’s crypto custody service and as such will not hold any cryptocurrency assets.
Blair Wiley, Wealthsimple’s general counsel, says the collaboration with Gemini played a vital role in Wealthsimple Crypto becoming regulated in Canada.
In an interview with Wealthsimple Magazine, Blair Wiley had this to say when asked, did you actually want to be regulated?
“Yes, we wanted to be regulated. Cryptocurrency is a valuable asset, and we wanted to be able to help people buy, sell, and hold it in the most responsible way”.