Canadian crypto exchanges impose 30k CAD annual limit for Altcoins

Canadian crypto exchanges impose 30k CAD annual limit for Altcoins

Canadian crypto exchanges Newton and BitBuy have introduced new guidelines, together with a $30K CAD annual ‘buy limit’ for ‘restricted coins’ for their Ontario customers.

Newton introduced new modifications after working with the Ontario Securities Commission and securities regulatory authorities in different provinces and territories of Canada, to get registered

Under these new modifications, Ontario-based customers can be topic to a CAD $30,000 “net buy limit” on all crypto cash excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).

Other modifications embody a ‘trading questionnaire’, through which customers disclose particulars about their previous crypto buying and selling expertise and threat tolerance to the trade.

The trade additionally stated that these modifications are made to “protect crypto investors, like yourself, and to make sure investors are aware of the risks associated with investing in crypto assets.”

BitBuy, one other Canadian crypto trade, additionally introduced related buy limits earlier this 12 months.

Traders utilizing this platform are additionally required to fill out a buying and selling questionnaire, classifying them as Retail Investor, Eligible Investor or Sophisticated Investor.

Retail Investors are subjected to a 30,000 CAD purchase limit, Eligible Investors’ purchase limit is upped to 100,000 CAD and no buy limit exists for Accredited Investors.

Compiled by Coinbold

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