Coinsquare Becomes First Canada Based Crypto Exchange To Get IIROC Registration

As cryptocurrencies start breaking into the mainstream, it is becoming very obvious that the need for crypto regulation is also increasing. Countries are starting to understand all of the benefits that come with this type of asset, which is why they are looking to better regulate it.

One of the major strides that Canada made to improve crypto trading in the country is to force companies to start registering with the IIROC. If a company does not get an IIROC registration, it will be unable to operate in Canada.

However, the country is not just giving away these licenses since they are holding many crypto firms more accountable, especially after the Celsius and Terralabs crash.

Fortunately, the first company to comply with all of the requirements that the IIROC has set out was Coinsquare. Not only is this one of the oldest crypto exchanges in the country, but it also happens to be one of the biggest ones too.

The Coinsquare team would even put out a word about the responsibility that is now on their shoulders as the first crypto exchange to become an IIROC member.

The first IIROC-registered company in Canada

As one of the only crypto companies in Canada to be working under the IIROC registration, Coinsquare is now the first crypto-only investment dealer that has signed on to the IIROC.

The team would even put out a statement where they said that their customers can now even look forward to being part of an IIROC registrant. Therefore, compared to other exchanges in the country, it is much safer and follows the rules set out by the IIROC board.

Under the current regulatory system that Canada has set up, Coinsquare is complying with all of it. And given that Coinsquare was one of the first crypto exchanges in the country, it set a good precedent when it also became the first one to join the IIROC.

Changes to Their Operations

The IIROC has put many significant regulations in place to avoid any unfortunate circumstances that have otherwise started to come up in recent years. Coinsquare will have to keep stable capital levels throughout the duration of its operations. It will also have to report its financial standings regularly and keep clients’ funds with insured and licensed custodians.

Clients Will Get Their Money Back in Case of Insolvency

One of the most important changes that are now coming with an IIROC registration is that the funds in the client’s accounts are under the direct protection of the Canadian Investment Protection Fund. Therefore, even if the exchange goes bankrupt, similarly to Celsius, people will still be getting the money that is in their accounts.