Bituy Turns into Canada’s First Regulated Market

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Bitbuy is the first Canadian crypto trading platform to be regulated as a marketplace and restricted dealer. Bitbuy Technologies Inc. has more than 350,000 users. The trading volumes of the crypto trading platform exceeded $4 billion.

The Canadian regulator has requirements for a marketplace, which is required to have complete visibility into the bids and asks, institutional size liquidity for all traders and no limits for qualified traders. No limits on qualified users is important. Some platforms have an annual limit ($30k) on certain altcoins.

Bitbuy is regulated as a marketplace and a strict dealer. When a trade is placed with a broker, the trades are sent to a third-party. Then the broker adds a spread and sends the trade to be completed on another platform.

Bitbuy does not send the trades to third parties. Trading in BitBuy means the trades will be matched against other live orders, all in Bitbuy’s marketplace. This enhances the transparency of trading crypto.

Eventus Systems for Trade Surveillance

To meet trade surveillance requirements, Bitbuy is using Eventus Systems, which won trade surveillance product of the year in the 2021 Risk Technology Awards.

The CEO of Eventus, Travis Schwab said, “It’s a pleasure to serve Bitbuy as our first Canadian client and the latest digital asset marketplace to turn to us for meeting critical trade surveillance needs. As more investors in Canada and throughout the world embrace this asset class, we’re truly honored to play a role in helping cryptocurrency exchanges and a variety of other market participants entering the crypto space meet new requirements and standards for safety and transparency.”

Dean Skurka, the President of Bitbuy, remarked, “Whether Canadians are buying
 
 Bitcoin 
, Ethereum, or alternative coins; Bitbuy knows that price and best-execution matter. We are proud to be leader in providing that transparency to our clients.”

“We believe Canadians deserve full disclosure over the cost of the crypto assets they are trading. Being regulated both as a restricted dealer and marketplace means that Bitbuy is the only registered platform in Canada today that matches client orders against true live orders. This offers heightened transparency, lower transaction costs, and, at the end of the day, we strive to provide better execution prices for our clients. Canadians have a choice to invest their capital with a platform that reports the actual execution price of a trade,” Michael Arbus, the CEO of Bitbuy, said.

Bitbuy’s Targets for 2022

BitBuy will look to add more cryptocurrencies in 2022. At the time of writing, these are the available cryptocurrencies:

https://twitter.com/bitbuy/status/1473661402070007820

Additionally, the company will seek institutional capital participation. It will allow deeper
 
 liquidity 
for its clients. BitBuy was recently acquired by WonderFi for $162 million.

In an interview held earlier this month, Ben Samaroo, the CEO of WonderFi Technologies, said, “Regulation really is part of our business model. And, I think for the industry as a whole, it is a big step forward every time there is more regulatory clarity around crypto or regulations [that] get released by different jurisdictions. The reason for that is, again, on the institutional side, you have a lot of institutional capital that’s come into the crypto space in the last 18 months.”

Similar to FTX US, Bitbuy may consider providing stocks trading products for its users. Adding stocks may allow the company to compete with eToro and Robinhood.

Bitbuy is the first Canadian crypto trading platform to be regulated as a marketplace and restricted dealer. Bitbuy Technologies Inc. has more than 350,000 users. The trading volumes of the crypto trading platform exceeded $4 billion.

The Canadian regulator has requirements for a marketplace, which is required to have complete visibility into the bids and asks, institutional size liquidity for all traders and no limits for qualified traders. No limits on qualified users is important. Some platforms have an annual limit ($30k) on certain altcoins.

Bitbuy is regulated as a marketplace and a strict dealer. When a trade is placed with a broker, the trades are sent to a third-party. Then the broker adds a spread and sends the trade to be completed on another platform.

Bitbuy does not send the trades to third parties. Trading in BitBuy means the trades will be matched against other live orders, all in Bitbuy’s marketplace. This enhances the transparency of trading crypto.

Eventus Systems for Trade Surveillance

To meet trade surveillance requirements, Bitbuy is using Eventus Systems, which won trade surveillance product of the year in the 2021 Risk Technology Awards.

The CEO of Eventus, Travis Schwab said, “It’s a pleasure to serve Bitbuy as our first Canadian client and the latest digital asset marketplace to turn to us for meeting critical trade surveillance needs. As more investors in Canada and throughout the world embrace this asset class, we’re truly honored to play a role in helping cryptocurrency exchanges and a variety of other market participants entering the crypto space meet new requirements and standards for safety and transparency.”

Dean Skurka, the President of Bitbuy, remarked, “Whether Canadians are buying
 
 Bitcoin 
, Ethereum, or alternative coins; Bitbuy knows that price and best-execution matter. We are proud to be leader in providing that transparency to our clients.”

“We believe Canadians deserve full disclosure over the cost of the crypto assets they are trading. Being regulated both as a restricted dealer and marketplace means that Bitbuy is the only registered platform in Canada today that matches client orders against true live orders. This offers heightened transparency, lower transaction costs, and, at the end of the day, we strive to provide better execution prices for our clients. Canadians have a choice to invest their capital with a platform that reports the actual execution price of a trade,” Michael Arbus, the CEO of Bitbuy, said.

Bitbuy’s Targets for 2022

BitBuy will look to add more cryptocurrencies in 2022. At the time of writing, these are the available cryptocurrencies:

https://twitter.com/bitbuy/status/1473661402070007820

Additionally, the company will seek institutional capital participation. It will allow deeper
 
 liquidity 
for its clients. BitBuy was recently acquired by WonderFi for $162 million.

In an interview held earlier this month, Ben Samaroo, the CEO of WonderFi Technologies, said, “Regulation really is part of our business model. And, I think for the industry as a whole, it is a big step forward every time there is more regulatory clarity around crypto or regulations [that] get released by different jurisdictions. The reason for that is, again, on the institutional side, you have a lot of institutional capital that’s come into the crypto space in the last 18 months.”

Similar to FTX US, Bitbuy may consider providing stocks trading products for its users. Adding stocks may allow the company to compete with eToro and Robinhood.



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