In response to the global financial fiasco kicked off by FTX‘s bankruptcy, the Canadian Securities Administrators warned investors that trading in crypto assets comes “with elevated levels of risk that may not be suitable for many investors, in particular retail investors.”
The council of the securities regulators of provinces and territories—which harmonizes regulation for Canadian capital markets—also warned that, in addition to the volatility factor, there are unregistered crypto asset trading platforms accessible by Canadians where safeguards that protect investors’ assets from loss and theft may not be in place.
In support of greater transparency and to alleviate investor concerns moving forward, Bitbuy has launched The Bitbuy Trust Centre – the first dashboard of its kind by a Canadian crypto-trading platform designed to build Trust through Transparency.
Never before has a Canadian crypto-trading platform been so transparent. The Bitbuy Trust Centre includes details on total crypto held on their customers’ behalf, total fiat money held on their customers’ behalf, and weekly trading volume.
“As Canada’s first registered crypto-trading marketplace, Bitbuy has always been at the forefront when it comes to transparency and trust. Recent events on unregistered crypto exchanges have emphasized the need to provide transparency and security which is why we launched the Bitbuy Trust Centre – the first comprehensive dashboard of its kind on any Canadian crypto-trading platform,” shared Dean Skurka, WonderFi President and Interim CEO.
Bitbuy also offers up the licenses and registrations they’ve acquired, annual Proof of Reserve and Platform Due Diligence reports, and quarterly Financial Statements in one location.
Also included in the Bitbuy Trust Centre is the licenses and registrations they’ve acquired, annual Proof of Reserve and Platform Due Diligence reports, and quarterly Financial Statements.
Toronto-headquartered Bitbuy is a subsidiary of Canadian crypto firm WonderFi Technologies. Bitbuy was founded in 2016 and boasts 400,000 users accounting for $4.4 billion in transactions.
WonderFi is on a mission of create better access to DeFi through their consumer finance app and a digital asset portfolio which consists of crypto and DeFi assets.