Most of the hype around NFTs these days is centred around digital artworks being sold across online marketplaces like Opensea.
Non-fungible tokens, simply known as NFTs – have taken the world by storm in 2021.
First, let’s answer the big question. What is an NFT?
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New Canadian regulations require all Canadian investors to answer a few questions about your risk and financial profile, in order to determine whether investing in digital assets are suitable for you. This is for your own protection, to ensure that those who don't have the risk appetite or financial situations don't risk their money investing into a high risk asset class.
We assess your responses to the Risk Profile and Financial Profile questions according to the Canadian regulatory framework, to determine whether investing in crypto assets are suitable.
If you were deemed unsuitable based on an assessment of your responses, unfortunately we are not able to open a Bitbuy account for you.
If you were deemed unsuitable based on an assessment of your responses, you can still deposit, withdraw, and sell fiat and crypto. However we can no longer allow any further purchases of crypto.
It is recommended that you learn more about the risks of crypto assets and what kind of risks are acceptable given your financial situation before considering further crypto investments. A Bitbuy representative will reach out to you for more information.
If you believe you were deemed unsuitable by error, you can submit a support ticket here.
As required by Canadian regulations, Bitbuy must collect information from you related to your risk profile, to perform an appropriateness assessment to determine whether investing in crypto assets is suitable for you.
These questions include:
New users looking to open an account
Your account opening and eligibility to trade and transact on the Bitbuy platform is determined by your submission to these questions.
If our initial assessment indicates that crypto assets may not be suitable for you, unfortunately you will not be able to open an account with Bitbuy.
If you already have a Bitbuy account, and our initial assessment indicates that crypto assets may not be suitable for you, then a member from the Bitbuy support team will reach out to you for more information.
Alternatively, you can submit a ticket with our support team for assistance or if you have any questions.
We're required to ask you a few questions about your financial profile to assess your suitability for investing in crypto assets, and to establish appropriate trading limits based on your financial situation. This is intended to protect you from the risk of investing into a highly volatile asset class.
If you answered these questions and you meet the qualifications of an Eligible or Accredited investor, you'll have access to higher Net Purchase Limits (meaning you can purchase a higher amount of crypto assets), and higher thresholds for Trade Concentration Warnings.
All of your answers are kept private and confidential.
If we do not receive a submission from you, we cannot allow any crypto purchases. You will however still be able to deposit and withdraw both CAD and crypto, and you'll be able to sell crypto.
As Bitbuy is a registered money service business in Canada, we require the following document from you for in-person verification if your account does not pass our automated verification or Express Verification processes.
Bitbuy is a registered MSB in Canada and follows strict KYC policies, as outlined by FINTRAC. These policies help ensure the safety of our users, as well as our platform and are one of the many measures we take to address fraud and increase the overall security of our platform and your funds.
For more information on KYC regulations, you can view the information on the FINTRAC website here.