Two major Canadian crypto exchanges, Bitbuy and Coinsquare, have marked a significant achievement, surpassing 1 billion Canadian dollars ($736 million) in managed assets, as confirmed by their parent company, WonderFi, on December 6. This milestone showcases substantial growth from the previous quarter’s 695 million CAD ($512 million).
WonderFi disclosed that the platforms experienced considerable expansion in November, witnessing a combined 16% increase in monthly active users compared to October and a remarkable 54% surge in total trading volume.
Dean Skurka, WonderFi’s President and CEO, emphasized the continued trust and preference for Bitbuy and Coinsquare among Canadians seeking secure access to digital assets.
Bitbuy secured full regulatory approval from the Ontario Securities Commission in November 2021, becoming a licensed crypto exchange in Canada. Coinsquare achieved a significant milestone in October 2022, becoming the first Canadian crypto exchange with broker-dealer status from the Investment Industry Regulatory Organization of Canada.
Following the July 2023 merger with WonderFi, Bitbuy and Coinsquare collectively serve 1.6 million users in Canada. WonderFi reported a combined revenue of 9.9 million CAD ($7.3 million) in Q3 2023, achieving positive cash flow in October.
In the Canadian crypto market, exchanges are mandated to register or form legally binding agreements while awaiting licensing. Consequently, some offshore exchanges exited the market due to regulatory requirements. Moreover, Canadian regulators enforced the delisting of unapproved stablecoins in February, leading exchanges like Kraken and Coinbase to remove certain stablecoins, except for USDC.
