Statement on QuadrigaCX

Feb 7, 2019

By Adam Goldman

As many of our customers may have become aware, an unfortunate situation is currently taking place with QuadrigaCX, another Canadian cryptocurrency exchange. We would like to take this time to assure the customers of Bitbuy that we operate within a forward looking regulatory approach, and have taken steps since our inception to ensure that a similar situation could not happen with our digital currency reserves.

Some of our processes we can share publicly are the following

  • Bitbuy operates with a multi-director structure, ensuring that those directors have access to our cold storage wallets and keys.
  • We operate with 95% of our digital currency in off platform wallets.
  • Bitbuy is a regulated Money Service Business (MSB) in Canada under Proceeds of Crime (Money Laundering) and Terrorist Financing Act governed by Financial Transactions and Report Analysis Centre of Canada (FINTRAC).
  • We have a Compliance Officer and a Chief Anti-Money Laundering Officer on staff.
  • Bitbuy conducts yearly financial audits with a top-five national accounting firm, dating back to 2016.

 

In addition to our operational policies, we have always maintained a culture of transparency with our customers, and always will.

As we have stated publicly in the press, we take our security and access to funds protocols extremely seriously and welcome more government regulation in the future in order to prevent these situations from happening again. Bitbuy has proactively participated in the regulatory discussions, and has responded and provided insight and guidance to Canada’s Department of Finance, to proposed legislative changes surrounding digital currencies.You can see our comments in the press below:

We welcome any further questions to be sent to our support team at support@bitbuy.ca and they will be answered promptly.

Adam Goldman

President and Founder

(Post edited Friday, February 8th, 2019 with additional information)