{"id":816,"date":"2023-11-07T07:35:02","date_gmt":"2023-11-07T07:35:02","guid":{"rendered":"https:\/\/financeify.ca\/?p=816"},"modified":"2023-11-07T07:35:02","modified_gmt":"2023-11-07T07:35:02","slug":"some-canadian-cryptocurrency-exchanges-set-annual-cryptocurrency-purchase-limits","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2023\/11\/07\/some-canadian-cryptocurrency-exchanges-set-annual-cryptocurrency-purchase-limits\/","title":{"rendered":"Some Canadian cryptocurrency exchanges set annual cryptocurrency purchase limits"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">Several Canadian cryptocurrency exchanges set annual cryptocurrency purchase limits to protect investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <a href=\"https:\/\/www.osc.ca\/\" target=\"_blank\" rel=\"noopener\">Ontario Securities Commission (OSC)<\/a>, Toronto-based exchanges Bitbuy and Newton will set purchase limits for certain cryptocurrencies up to a maximum limit of $30,000.  It looks like more cryptocurrency exchanges will follow the same principle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitbuy divides its investors into three categories: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">retail investors<\/span><\/li>\n<li><span style=\"font-weight: 400;\">eligible investors <\/span><\/li>\n<li><span style=\"font-weight: 400;\">sophisticated investors. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Retail investors will have an annual purchase limit of $30,000 for all cryptocurrencies, while sophisticated investors will be limited to $100,000 worth of purchases.  For sophisticated investors, there are no limits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitbuy&#8217;s new changes will affect residents of the following provinces: New Brunswick, Newfoundland, Nova Scotia, Nunavut, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan and Yukon.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newton was officially registered as &#8220;<a href=\"https:\/\/help.newton.co\/hc\/en-us\/articles\/8216687424915-What-are-these-new-regulatory-changes-August-2022-\" target=\"_blank\" rel=\"noopener\">limited dealer<\/a>\u201d and is therefore subject to the regulations set out by <a href=\"https:\/\/www.osc.ca\/\" target=\"_blank\" rel=\"noopener\">OSC<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newton will set an annual purchase limit of $30,000 for all cryptocurrencies except Bitcoin, Bitcoin Cash, Ethereum and Litecoin.  These limits reset 12 months after your first purchase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Only residents of British Columbia, Alberta, Manitoba and Quebec are exempt from these restrictions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/help.newton.co\/hc\/en-us\/articles\/8216687424915-What-are-these-new-regulatory-changes-August-2022-\" target=\"_blank\" rel=\"noopener\">According to OSK<\/a> the new limits are being implemented to &#8220;protect investors&#8221; and ensure investors are &#8220;aware of the risks associated with investing in crypto assets.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The OSC is tightening cryptocurrency regulations and now requires exchanges to ask customers questions about their financial situation, employment and investment risks after registering on exchanges. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">One way users can avoid the new limits is to purchase large amounts of unrestricted coins and transfer them to a decentralized crypto wallet and use a decentralized exchange to exchange for the token of their choice. <\/span><\/p>\n<p><code>Join our <a href=\"https:\/\/www.reddit.com\/r\/OCryptoCanada\/\" target=\"_blank\" rel=\"noopener\">Canadian crypto community on reddit<\/a>.<\/code><\/p>\n<\/p><\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several Canadian cryptocurrency exchanges set annual cryptocurrency purchase limits to protect investors. According to Ontario Securities Commission (OSC), Toronto-based exchanges Bitbuy and Newton will set purchase limits for certain cryptocurrencies up to a maximum limit of $30,000. It looks like more cryptocurrency exchanges will follow the same principle. Bitbuy divides its investors into three categories: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[29],"tags":[325,90,83,88,326,55,324],"class_list":{"0":"post-816","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto-currency","8":"tag-annual","9":"tag-canadian","10":"tag-cryptocurrency","11":"tag-exchanges","12":"tag-limits","13":"tag-purchase","14":"tag-set"},"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Some Canadian cryptocurrency exchanges set annual cryptocurrency purchase limits - Financeify<\/title>\n<meta name=\"description\" content=\"Several Canadian cryptocurrency exchanges set annual cryptocurrency purchase limits to protect investors. 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