On January 16th 2020, the Canadian Securities Administrators (CSA) provided guidance regarding platforms and sites that facilitated the trading of cryptocurrency. The guidance states that platforms and sites that do not immediately deliver any purchased cryptocurrency to a wallet that is controlled by the user are effectively providing a derivative and as such are required to be registered with the CSA.
As CoinCorner is not registered with the CSA this means we can no longer provide custodial services to Canadian residents. This means we need to make certain changes to our services for any Canadian resident to ensure immediate transfer of Bitcoin to a private wallet after buying.
What does this mean for my account?
CoinCorner can still provide our buy services to residents of Canada, however we can not permit Canadian users to store their cryptocurrency in their CoinCorner wallet.
As this is the case, if you are a resident of Canada, before completing a buy order you will be asked to enter a personal wallet address and the Bitcoin will be purchased and immediately sent on to the wallet address entered. Cryptocurrency deposits will also be disabled for any user who is a resident of Canada, blocking users from sending Bitcoin to their CoinCorner wallet.
Unfortunately this does mean that Canadian users will no longer be able to use our services to buy Ethereum, Litecoin or XRP as we cannot facilitate the transfer of these coins/tokens to an external wallet.
Need more guidance? Feel free to get in touch with our Support team by submitting a query on our Contact Us page.