Bitbuy and Coinsquare, two of the biggest crypto exchanges domiciled in Canada, have surpassed 1 billion Canadian {dollars} ($736 million) in assets under management.
According to a Dec. 6 announcement by mum or dad firm WonderFi, the 2 entities at the moment hold over 1 billion CAD in shoppers’ money and digital asset deposits, up from 695 million CAD ($512 million) in the third quarter.
“During the month of November, the platforms experienced a combined 16% increase in monthly active users as compared to the monthly active user count in October. The platforms also recorded a 54% increase in total trading volume,” the corporate wrote.
In July 2023, Bitbuy and Coinsquare merged with the decentralized finance (DeFi) platform WonderFi, which is backed by Canadian businessman Kevin O’Leary, aka “Mr. Wonderful.” The merger created a collective consumer base of 1.6 million Canadians amongst all its subsidiaries.
In November 2021, Bitbuy grew to become a fully regulated crypto exchange in Canada after being licensed by the Ontario Securities Commission. Likewise, in October 2022, Coinsquare became the first crypto exchange in Canada to obtain broker-dealer standing with the Investment Industry Regulatory Organization of Canada. During Q3 2023, WonderFi introduced in a mixed 9.9 million CAD ($7.3 million) in income. The agency claims it grew to become cash-flow optimistic in October.
Currently, Canadian regulators require all crypto exchanges working in the nation to develop into registered or signal a legally binding enterprise pending licensing. Prominent offshore exchanges — resembling Binance, ByBit and OKX — have ceased operations in Canada as a part of the brand new guidelines. In February, Canadian regulators began requiring crypto exchanges to delist unapproved stablecoins, with USD Coin (USDC) being exempt. Following the announcement, exchanges resembling Kraken and Coinbase delisted Tether (USDT) and other stablecoins for Canadian customers.
Related: Kevin O’Leary-backed WonderFi to buy Bitbuy parent company for $162M
