The Securities Commission granted Bitbuy Technologies Inc. a time-limited extension of relief from certain prospectus, trade reporting, and marketplace requirements. This interim extension allows Bitbuy to continue distributing Crypto Contracts and operating its platform for buying, selling, staking, and holding Crypto Assets until August 31, 2024, or until client accounts transition to its affiliate, Coinsquare Capital Markets Ltd. (CCML). The decision is based on Bitbuy’s specific circumstances and aims to foster innovation while ensuring regulatory compliance.
Key facts include Bitbuy’s registration as a restricted dealer and its previous relief granted in 2021 and 2023. The extension is necessary due to potential delays in transitioning client accounts to CCML. Bitbuy has been actively working on this transition, including technical and procedural harmonization with CCML and regular updates to the Canadian Investment Regulatory Organization (CIRO).
The decision is underpinned by the Securities Act, R.S.O. 1990, c. S.5, and various National Instruments and OSC Rules related to marketplace operations and trade reporting. The relief is conditional on Bitbuy’s compliance with previous terms, efforts to complete the transition, and restrictions on new account openings after May 31, 2024. The decision will expire on the earlier of August 31, 2024, or the completion of the client account transition.