Now that Coinsquare is a regulated investment dealer, as part of a KYC (Know-Your-Customer) Questionnaire we need to ask you a few questions about your:
- Financial circumstances
- Investment experience
- Risk tolerance
This requirement is due to some of the latest updates in the ever-changing landscape of regulations pertaining to the crypto space in Canada. We take regulatory compliance as seriously as product development and the customer experience – while this questionnaire is mandatory based on regulations, it’s truly in our mutual best interest to be on the same page when it comes to the risks involved with cryptocurrency.
The answers you provide will be used to determine what, if any, annual limits on net purchases of certain crypto assets will be applied to your account.
Additionally, know that your answers will also enable us to assess whether it is appropriate for you to have a crypto trading account with Coinsquare and, if so, what loss notifications we will provide you with.
If you are advised that your account can’t be opened or that your account must be restricted, it is likely that the answers you provided to the trading questionnaire indicate that you are not appropriate to operate a Coinsquare account under the framework that Coinsquare developed with the Canadian Investment Regulatory Organization (CIRO) and the Ontario Securities Commission (OSC).
If your account has been deemed inappropriate for crypto trading, please refer to this article and submit a support ticket.