Coinsquare becomes the first Canadian cryptocurrency exchange to obtain IIROC registration

2022-10-13 08:45:23

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ChainCatcher news, Coinsquare has become the first Canadian cryptocurrency exchange to obtain IIROC registration. It is reported that according to regulatory requirements, cryptocurrency exchanges operating in Canada must be registered or at least apply to IIROC, and there is currently a backlog of applications.

According to this regulation, Coinsquare's customer funds will be fully segregated and held by licensed and insured custodians. Coinsquare will also be required to report its financial status regularly and maintain sufficient capital for liabilities. Furthermore, in the event of bankruptcy, cash held in customer accounts will be protected by the Canadian Investor Protection Fund.

Currently, Coinsquare has over 500,000 users and provides access to more than 40 cryptocurrencies, including over 820 cryptocurrency trading pairs. Since its establishment in 2014, the exchange has facilitated approximately $5.82 billion in trades.

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