- Several cryptocurrency exchanges have announced leaving the Canadian crypto market citing the Canadian regulations.
- Bitvo aims to leverage the market gap created by the leaving crypto exchanges.
- The reduced withdrawal fee takes effect starting today June 1, 2023.
Canadian-based cryptocurrency Bitvo Inc (“Bitvo”) has today announced that it is reducing its withdrawal fee by 50% to new and existing customers starting June 1, 2023. The 50% discount will stay in effect through August 31 2023.
Bitvo’s move is offering relief to crypto investors in Canada as many crypto exchanges and trading platforms announce leaving the country due to inability or unwillingness to comply with Canadian crypto regulations. The most recent crypto exchange to announce its Canadian exit was Bybit after Binance’s exit.
Bitvo registration in Canada
Bitvo is a registered Money Service Business (MSB) with FINTRAC and is registered as a Restricted Dealer with securities commissions in all provinces and territories in Canada.
The press release announcing the 50% withdrawal fee cut states:
“At Bitvo, we’re fully committed to the Canadian market and serving Canadians. We pride ourselves on providing a safe, secure and easy-to-use platform to our customers that has withstood the test of time, founded in 2018, both bull and bear markets and proactively complied with Canadian regulations.”
Bitvo Inc. offers a crypto asset trading platform facilitating buying and selling of cryptocurrencies through mobile applications and its website. It has unveiled several initiatives including the Bitvo Cash Card, Bitvo Same Day Guarantee, and technical analysis tools to make crypto transactions easy and efficient.