Canadian Crypto Exchanges Surpass $1 Billion in Managed Assets

WonderFi's parent company, Bitbuy and Coinsquare, proudly announces assets worth over $1 billion CAD. This milestone reflects their growing user base of 1.6 million Canadians.

Dec 7, 2023 - 12:44
Canadian Crypto Exchanges Surpass $1 Billion in Managed Assets
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Bitbuy and Coinsquare, two major Canadian crypto exchanges, have achieved a milestone by managing assets worth over 1 billion Canadian dollars ($736 million). This update was shared on December 6 by their parent company, WonderFi. This figure marks a significant increase from the 695 million CAD ($512 million) reported in the third quarter.

The announcement highlighted a 16% rise in monthly active users in November compared to October, alongside a 54% surge in total trading volume. The merger of Bitbuy and Coinsquare with WonderFi in July 2023, a decentralized finance (DeFi) platform supported by Canadian entrepreneur Kevin O’Leary, resulted in a combined user base of 1.6 million Canadians.

Bitbuy gained full regulatory compliance in Canada in November 2021, licensed by the Ontario Securities Commission. Similarly, Coinsquare achieved broker-dealer status in October 2022 with the Investment Industry Regulatory Organization of Canada. In the third quarter of 2023, WonderFi reported a revenue of 9.9 million CAD ($7.3 million) and achieved cash-flow positivity in October.

Canadian regulations now mandate all crypto exchanges operating within the country to be registered or agree to a legal undertaking while awaiting licensing. This has led to major offshore exchanges like Binance, ByBit, and OKX halting their operations in Canada. Following regulatory changes in February, Canadian exchanges began delisting unapproved stablecoins, except for USD Coin (USDC), leading platforms like Kraken and Coinbase to remove Tether (USDT) and other stablecoins for Canadian users.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.