The Importance of Choosing a Trustworthy Crypto Exchange
The crypto landscape is teeming with choices for where to put your money, and when faced with so many options, finding the right crypto exchange can be pretty overwhelming. Considering that crypto transactions are irreversible, and many crypto wallets are cloaked in anonymity, you may find that you have no recourse if somebody (who initially earned your trust) mishandles your funds.
Thankfully, as a Canadian, you are protected by regulatory bodies that stand up for you as a consumer.
Coinsquare: A Regulated Canadian Crypto Exchange
WonderFi is pleased to offer Coinsquare as a regulated Canadian cryptocurrency exchange. We want you to feel safe when using our platform, which is why we work closely with provincial and federal regulators to ensure a secure and fair experience for you. Regulatory approval is essential to our growth as a business, and we’re proud of our continued efforts to operate as a trusted MSB (money services business) and regulated crypto trading platform.
Our Commitment to Regulatory Compliance
Just like any other regulated exchange, bank, and credit union, we are obligated to conduct occasional reviews of your account activity. These reviews may involve:
- Asking for information about your current financial situation, to ensure that investing in crypto is appropriate for you.
- Performing enhanced due diligence to verify your identity and intended use of our platform.
- Requiring information about the recipient, destination, and purpose of your cryptocurrency withdrawals.
Account Restrictions
On rare instances, certain account functionalities may be restricted, either automatically or by our team. For example, you may find yourself unable to make crypto withdrawals, or buy crypto with Canadian dollars. We want to assure you that, as a customer-centric business, we’re not purposely trying to add friction to your experience. The driving force behind our outreach and account restrictions isn’t simply “Coinsquare policy”; it’s our duty as a regulated MSB and cryptocurrency exchange.
If you encounter any account restrictions or receive an email from one of our team members concerning recent account activity, we encourage you to have an open conversation with us. We genuinely appreciate your cooperation, patience and understanding as we work together to resolve any issues.