BITTREX GLOBAL announced to its users that it would be removing its operations from Canada due to the heavy regulatory restrictions being imposed on the exchange. As a result, Canadian Bittrex users will be getting a complete removal of services in about a month's time.
The following announcement was released on Jun 15, 2022 by BITTREX GLOBAL to its users:
“In light of regulatory developments in Canada, Bittrex Global is currently taking steps to discontinue access to its platform by Canadian users with effect from July 28th, 2022. As of that date, you will be unable to make trades from your bitrex global account. Any holdings you have in restricted products will be liquidated, and any balances you have with Bittrex global will need to be transferred off our platform.
A Canadian user is a Bitrex global user that has completed the Bitrex global user onboarding process using a photo identification document showing a Canadian address.
To assist our users residing in Canada, in advance of this date, we are giving you the opportunity to accept an automatic transfer of your account, positions, and balances to Catalyx, a leading Canadian-based crypto trading platform operated by Cato x CTS LTD. Bittrex Global has partnered with Catalyx since its inception, serving as their main technology and liquidity provider. More information about Catalyx is available here.
Catalyx is currently engaged with members of the Canadian Securities Administrators in a regulatory process to become authorized in all Canadian jurisdictions under an evolving regulatory framework for crypto trading platforms operating in Canada.”
Bittrex is yet another crypto exchange being forced to make tough decisions for its Canadian customer-base. Unfortunately, this is becoming a common issue with international exchanges in Canada who are unable or unwilling to abide by Canadian regulatory requirements (as was the case when Binance was kicked out of Ontario by the Ontario Securities Commission just last year).
Looking for an Alternative to Bittrex?
Canadians looking for an alternative to Bittrex’s trading platform can turn to Netcoins – Canada’s first publicly-traded, fully-regulated crypto trading platform.
“The BC Securities Commission (BCSC) and the Canadian Securities Administrators (CSA) have approved Netcoins as the first crypto trading platform to be registered as a restricted dealer in British Columbia.” – source
Being regulated means Netcoins abides by the strict requirements (and restrictions) imposed on us by the regulatory bodies in Canada. While being publicly-traded means all our operations and financials are open to public-consumption.
In addition, our quick, easy-to-use and beautiful trading platform with 30+ cryptocurrencies, offers Canadians a safe and stress-free way to trade crypto assets. Plus, our warm and friendly customer support team is ready to help you seven days a week.
If you’re looking for a safe and trusted crypto exchange in Canada, look no further than Netcoins!
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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