Crypto Exchanges in Ontario Have a $30K Annual Cap on Buying Altcoins
- On August 16 Newton announced that they officially registered with the Ontario Securities Commission(OSC).
- Many modifications were made to the Newton platform to safeguard investors from hazards.
To “protect customers” despite stricter laws, Canadian cryptocurrency exchanges Bitbuy and Newton are implementing a $30,000 (CAD) annual “buy limit” for “restricted coins” for their users located in Ontario.
The Ontario Securities Commission and other securities regulatory organizations in other Canadian provinces and territories have recognized Newton Crypto Exchange Platform as a proper business that has been operating for a fixed amount of time. Due to this, investors are being protected, and it is being made sure that they are aware of the risks associated with buying crypto assets. Furthermore, on August 16, the Toronto-based cryptocurrency trading platform Newton announced that it has acquired official registration from the Ontario Securities Commission.
We’re excited to finally announce our registration with the Ontario Securities Commission (OSC) and the securities regulatory authorities in all Canadian provinces, Yukon, and Northwest Territories. pic.twitter.com/8zx8UJy2DE
— Newton (@newton_crypto) August 16, 2022
Amendments to Protect Investors:
The new regulations will implement an annual $30,000 (CAD) “net buy limit” on all cryptocurrency coins, except for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
The selling amount would be deducted from the limit if a trader purchased a restricted coin and eventually sold it. The cap is reset once every 12 months following the initial purchase of restricted coins.
Other changes aimed at protecting consumers include a “trading questionnaire” that the exchange must use to gather data from users about their prior experience and knowledge of investing in cryptocurrencies, financial situation, and risk tolerance. This questionnaire must be filled out to continue funding the account and trading on the platform.
Additionally, traders will receive a message from the cryptocurrency exchange if their portfolio experiences a loss level above what they specified in the questionnaire they are not comfortable with.
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Read more: https://thenewscrypto.com/crypto-exchanges-in-ontario-have-a-30k-annual-cap-on-buying-altcoins/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
