The Institution Recognized as Canada’s SEC Approves The Cryptocurrency Exchange!

based in Toronto cryptocurrency stock market CoinSquarehas been licensed to operate as a regulated alternative trading system that allows it to match illiquid crypto trades among institutional investors.

Canadian Regulator Approves First Domestic Cryptocurrency Investment Firm

Coinsquare is today Canada’s top regulator, the Investment Industry Regulatory Authority of Canada. (IIROC) became a member. Thus, it gained the distinction of being the first crypto platform to join this organization.

In addition to granting a membership to Coinsquare, IIROC has given the green light to become an investment company for the exchange, giving approval to operate as a regulated alternative trading system (ATS) in the future.

Although Coinsquare is the first exchange to join IIROC, it is predicted that these participations will continue.

In March 2021, Canadian Securities Managers issued a public notice advising crypto exchanges that they must register with a securities regulator if they want to continue serving Canadian clients.

However, before Coinsquare had to do so, it had already started the process to become a member of IIROC.

Chief legal officer and head of regulatory affairs, Coinsquare Katriana Procopysaid in a statement that the exchange tried to get regulatory approval two years ago.

As a member of the IIROC, Coinsquare will undergo stringent audits and oversight to ensure it remains compliant with regulatory requirements.

However, there is one important assurance that Coinsquare’s customers cannot obtain through their IIROC membership.

IIROC does not guarantee that users’ crypto assets will be protected in the event of a possible bankruptcy of the exchange.

Coinsquare Celsius It only provides collateral for fiat money held in client accounts in the event of bankruptcy. This issue is seen as a negative situation for users.

*Not investment advice.