With a new set of regulations on crypto in Canada, many crypto exchanges have opted to leave the Canadian market. In this scenario, Bitvo has taken advantage of reducing the withdrawal fees. This move intends to relieve many crypto users, as many companies like Bybit, Bitbuy, and Kraken are exiting the country.
Bitvo, in a press release, stated that it fully complies with new Canadian regulations. The company was founded in 2018, and since then, has withstood against time, facing the bull and bear market. It is proud of providing users with a secure, easy-to-use, and trustable platform.
Bitvo Shows Compliance with Laws
Further stating, the company said that they are excited to provide the reduction in fees when most of the crypto exchanges are leaving the country. This shows the unwillingness of other crypto exchanges with the regulations.
Bitvo Inc is a trading platform that provides buying and selling of cryptocurrency. It is registered as a Money Service Business provider company with FINTRAC in the Virtual Asset Service Provider Category. This registration shows its transparency, security, and compliance with users.
Pamela Draper, CEO of the trading platform, said the registration shows the commitment of the company with customers by offering a safe and secure platform to trade. On this trading platform, anyone can trade Bitcoin, Ether, XRP, Litecoin, Cardano, Dash, and more. It provides easy access to cash with Bitvo—a cash card.
QCAD Existing Stablecoin of Canada
Priorly, the company launched QCAD, a Canadian dollar-backed stablecoin which is built on the Ethereum blockchain under the ERC-20 standard. According to Bitvo, it is crafted considering cryptocurrencies’ volatility. Their value is pegged with fiat currencies that are more stable.
Jean Desgange, CEO of Stablecorp, stated QCAD would help to facilitate the adoption and trust of the Canadian mass market.
The reduction in the withdrawal fees gives relief to crypto investors in Canada. As per their website, there is a 1.00% fee for every withdrawal on Bitvo with a minimum fee of $15. Now, there will be a further reduction in the amount.
In this way, the company is leveraging the market gap created by leaving crypto exchanges. The reluctance of crypto exchanges like Bybit and others with the new set of rules has made them leave the country. On the other hand, Bitvo’s compliance with the rules makes it consistent in providing services to customers.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/02/crypto-exchange-bitvos-50-withdrawal-fees-canadian-market/