Canadian crypto exchanges impose 30k CAD annual limit for Altcoins

These new rules are imposed on all coins except BTC, ETH, BCH, LTC.
Canadian crypto exchanges impose 30k CAD annual limit for Altcoins

Canadian crypto exchanges Newton and BitBuy have announced new rules, including a $30K CAD annual ‘buy limit’ for ‘restricted coins’ for their Ontario users.

Newton announced new changes after working with the Ontario Securities Commission and securities regulatory authorities in other provinces and territories of Canada, to get registered

Under these new changes, Ontario-based users will be subject to a CAD $30,000 “net buy limit” on all crypto coins excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).

Other changes include a ‘trading questionnaire’, in which users disclose details about their past crypto trading experience and risk tolerance to the exchange.

The exchange also said that these changes are made to “protect crypto investors, like yourself, and to make sure investors are aware of the risks associated with investing in crypto assets.”

BitBuy, another Canadian crypto exchange, also announced similar purchase limits earlier this year.

Traders using this platform are also required to fill out a trading questionnaire, classifying them as Retail Investor, Eligible Investor or Sophisticated Investor.

Retail Investors are subjected to a 30,000 CAD buy limit, Eligible Investors’ buy limit is upped to 100,000 CAD and no purchase limit exists for Accredited Investors.

Read Also: Ontario Regulator Includes Crypto Firms in ‘Consumer Alert’ list

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