Crypto Businesses
This page was last updated on September 12, 2025.
Registered Crypto Asset Trading Platforms
The following crypto asset trading platforms have received exemptive relief to offer crypto products to investors in Ontario
| Name | Category of Registration | Exemptive Relief (Most recent decision only) |
|---|---|---|
| Coinsquare Capital Markets Ltd., also carrying on business as Bitbuy | Investment Dealer (Dealer and Marketplace) | October 11, 2024 |
| Coinbase Canada Inc. | Restricted Dealer (Dealer and Marketplace) | April 3, 2024 |
| Cybrid Canada Inc. | Restricted Dealer (Dealer – Ontario only) | January 17, 2025 |
| Fidelity Clearing Canada ULC (Fidelity Digital Assets) | Investment Dealer (Dealer) | April 18, 2024 |
| Fidelity Digital Asset Services, LLC | Exempt Marketplace and Clearing Agency | January 18, 2023 |
| Foris DAX CAN ULC, Foris DAX Limited and Foris Holdings US, Inc. (operating as Crypto.com) | Restricted Dealer (Dealer and Marketplace) | May 8, 2025 |
| Hibit Technology Ltd. | Restricted Dealer (Dealer) | September 14, 2023 |
| Ndax Canada Inc. | Investment Dealer (Dealer and Marketplace) | December 19, 2024 |
| Netcoins Inc. (Netcoins) | Restricted Dealer (Dealer) | October 6, 2023 |
| Newton Crypto Ltd. | Restricted Dealer (Dealer) | March 12, 2025 |
| Payward Canada Inc. and Payward, Inc. (operating as Kraken) | Restricted Dealer (Dealer and Marketplace) | April 1, 2025 |
| Shakepay Inc. | Investment Dealer (Dealer) | January 8, 2025 |
| VirgoCX | Restricted Dealer (Dealer) | January 30, 2025 [subject to terms and conditions requiring wind-down of registrable business] |
| Wealthsimple Investments Inc. | Investment Dealer (Dealer) | December 18, 2023 [Effective January 1, 2024] |
Registered crypto asset trading platforms are subject to terms and conditions, which can be viewed in the individual exemptive relief decisions linked in the chart above.
Visit the Canadian Securities Administrators’ website for a list of crypto asset trading platform decisions in other jurisdictions.
Crypto Asset Trading Platforms not currently registered
As explained in CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings - Changes to Enhance Canadian Investor Protection, the Canadian Securities Administrators (CSA) initially expected unregistered CTPs that satisfied eligibility criteria to provide a pre-registration undertaking to their Principal Regulator while their applications for registration and related relief were being reviewed. By giving these undertakings, unregistered CTPs agreed to comply with provisions that addressed investor protection concerns and were consistent with requirements currently applicable to registered CTPs. These commitments were generally consistent with requirements currently applicable to registered CTPs and were intended to address investor protection and level-playing-field concerns, as explained below. However, as announced on August 6, 2024, the CSA is no longer continuing with the above interim approach for time-limited restricted dealer registration, including accepting new PRUs. New CTPs can apply directly to CIRO here.
On March 29, 2021, the OSC communicated to crypto asset trading platforms that they must contact Staff to initiate the registration process, or face enforcement action. Unregistered platforms operating in Ontario that are non-compliant may be included on the OSC Investor Warnings and Alerts Page and subject to regulatory action, including temporary orders.
Registered and unregistered platforms are reminded that OSC staff may review their compliance with securities law requirements, including in relation to advertising and marketing. False or misleading advertising and improper marketing strategies raise concerns about the fitness of a firm and its principals for registration. For recent guidance, see Joint CSA-IIROC Staff Notice 21-330 Guidance for Crypto-Trading Platforms - Requirements relating to Advertising, Marketing and Social Media Use.
The crypto asset trading platforms listed below are not registered by the OSC to offer crypto products to investors in Ontario for one of the following reasons:
- Their pre-registration undertaking has expired without their application for registration being granted
- Their exemptive relief has expired and has not been renewed
- They have applied for, or been granted, a suspension or surrender of their registration
| Name | Prior category | Most recent document |
|---|---|---|
| Bitbuy Technologies Inc. (Bitbuy) | Restricted Dealer (Dealer and Marketplace) | May 30, 2024 [Expired - business acquired by Coinsquare] |
| Bitvo Inc. | Restricted Dealer (Dealer) | April 25, 2022 [Expired – business acquired by Bitbuy] |
| ByteX Financial Ltd. Et al operating as ByteX | Pre-Registration Undertaking | March 24, 2023 [Expired] |
| CatalX CTS Ltd. operating as CatalX | Pre-Registration Undertaking | March 24, 2023 [Withdrawn – Subject to cease trade order issued by the Alberta Securities Commission] |
| Coinberry Limited (Coinberry) | Restricted Dealer (Dealer) | August 19, 2021 [Expired – business acquired by Bitbuy] |
| DigiFinex Canada Limited et al operating as DigiFinex | Pre-Registration Undertaking | March 24, 2023 |
| Gemini Trust Company, LLC et al operating as Gemini | Pre-Registration Undertaking | March 24, 2023 [Expired; no longer offers services to retail clients in Canada. Staff’s review of Gemini’s request for certain exemptive relief is ongoing.] |
| Satstreet Inc. | Pre-Registration Undertaking | March 24, 2023 [Expired as of May 1, 2025. Satstreet Inc. is not registered, and has requested an opportunity to be heard in respect of its registration application, which is currently before the Director.] |
| Simply Digital Technologies Inc. (carrying on business as CoinSmart) | Restricted Dealer (Dealer and Marketplace) | December 21, 2021 [Expired – business acquired by Bitbuy] |
| Uphold Worldwide Ltd. et al operating as Uphold | Pre-Registration Undertaking | March 27, 2023 [Withdrawn] |
| Wealthsimple Digital Assets Inc. | Restricted Dealer (Dealer) | June 23, 2023 [Expired January 1, 2024] |
Value-Referenced Crypto Assets (VRCAs): Issuer Undertakings
Certain issuers of VRCAs have provided an undertaking to the CSA as contemplated by the CSA’s interim approach to VRCAs. These undertakings can be found below.
The CSA reminds Canadians that holding a VRCA or a crypto contract with a crypto asset trading platform (CTP) does not offer the protections generally afforded to holding regulated deposits and all crypto assets, including any VRCAs, carry risk, and are not the same as fiat currency (such as the Canadian dollar, the U.S. dollar or the Euro).
Even if the issuer of a VRCA has provided an undertaking to the CSA, it does not mean the CSA approves or endorses the VRCA, endorses its safety, or that the issuer or the VRCA is compliant with Canadian securities laws. Any CTP that makes a VRCA available to clients is responsible for complying with its know-your-product and other obligations, including verifying that the issuer is in compliance with any publicly-verifiable provisions of its undertaking to the CSA (e.g., any disclosure obligations) and that the VRCA is in compliance with any applicable terms and conditions to which the CTP is subject.
Investors should consult the list of platforms that are registered with the CSA and learn the fundamentals of crypto assets before investing. While regulatory oversight plays an important role in investor protection, these measures cannot eliminate all risks associated with trading in crypto assets.
| Issuer | VRCA | Date of undertaking |
|---|---|---|
| Circle Internet Financial, LLC | USDC | December 3, 2024 |
Launchpad Firms
The Launchpad support program provides flexible approaches for innovative businesses to meet regulatory requirements under securities laws. Here are some examples:
- Crypto-backed lending platforms
- Coin and token offerings
- Private crypto asset investment funds
The following platforms are currently approved to provide crypto-backed loans to investors in Ontario:
| Name | Category | Exemptive Relief Decision |
|---|---|---|
| APX Inc. | Launchpad | April 1, 2025 |
Reports and publications
- August 6, 2024 - CSA and CIRO expect crypto trading platforms to prioritize applications for investment dealer registration and CIRO membership
- September 26, 2024 - CSA provides update to crypto asset trading platforms about value-referenced crypto assets
- April 17, 2024 - Canadian securities regulators provide update on interim approach to value-referenced crypto assets
- October 5, 2023 - Canadian securities regulators clarify interim approach to value-referenced crypto assets
- October 2, 2023 - OSC alleges multiple breaches of securities law by offshore crypto asset trading platform
- September 6, 2023 - OSC continues to hold non-compliant crypto asset trading platforms accountable
- July 6, 2023 - Canadian securities regulators outline expectations for investment funds holding crypto assets
- April 12, 2023 - Canadian securities regulators provide update on pre-registration undertakings for crypto asset trading platforms
- February 22, 2023 - Canadian securities regulators strengthen oversight, enhance expectations of crypto asset trading platforms operating in Canada
- December 12, 2022 - CSA provides update to crypto trading platforms operating in Canada
- November 21, 2022 - Canadian securities regulators remind investors about risks of trading crypto assets
- November 1, 2022 - OSC announces Financial Literacy Month initiatives including new crypto content
- October 19, 2022 - OSC survey explores Canadians crypto ownership and knowledge
- September 30, 2022 - OSC alleges fraud in multimillion-dollar crypto asset offering
- August 15, 2022 - Canadian securities regulators expect commitments from crypto trading platforms pursuing registration
- June 22, 2022 - OSC holds global crypto asset trading platforms accountable
- March 11, 2022 - Fraud Prevention Month: Canadian Securities Administrators encourages Canadians to invest in asking questions before investing in crypto assets
- January 17, 2022 - Canadian securities regulators issue warning about fraudulent investment solicitations involving crypto assets
- September 23, 2021 - Canadian securities regulators outline expectations for advertising and marketing by crypto trading platforms
- August 19, 2021 - OSC takes action against fourth non-compliant international crypto asset trading platform
- June 21, 2021 - OSC takes action against non-compliant international crypto asset trading platform Bybit
- June 7, 2021 - OSC takes action against second non-compliant international crypto asset trading platform
- May 25, 2021 - OSC takes action against non-compliant international crypto asset trading platform
- March 29, 2021 - Canadian securities regulators outline regulatory framework for compliance for crypto asset trading platforms
- OSC Staff Notice 33-759 − Registration, Inspections and Examinations Division − 2025 Annual Report Part 3.6 (July 24, 2025)
- CSA Notice – Amendments to National Instrument 81-102 Investment Funds Pertaining to Crypto Assets (April 17, 2025)
- OSC Staff Notice 33-757 – Review of Restricted Dealer Crypto Asset Trading Platforms’ Compliance with the Account Appropriateness, Investment Limits and Client Limits Requirements (December 10, 2024)
- OSC Staff Notice 33-755 - Compliance and Registrant Regulation Branch Summary Report for Dealers, Advisers and Investment Fund Managers Parts 2.1.6 and 2.2.1 (July 27, 2023)
- CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds That Are Reporting Issuers (July 6, 2023)
- CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings – Changes to Enhance Canadian Investor Protection (February 22, 2023)
- CSA-IIROC Staff Notice 21-330 Guidance for Crypto-Trading Platforms - Requirements relating to Advertising, Marketing and Social Media Use (September 23, 2021)
- CSA-IIROC Staff Notice 21-329 Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements (March 29, 2021)
- CSA Staff Notice 51-363 – Observations on Disclosure by Crypto Assets Reporting Issuers (March 11, 2021)
- CSA Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets (January 16, 2020)
- CSA Staff Notice 46-308 Securities Law Implications for Offerings of Tokens (June 11, 2018)
- CSA Staff Notice 46-307 Cryptocurrency Offerings (August 24, 2017)