Bitbuy and Coinsquare, two of Canada’s largest cryptocurrency exchanges, have reached a significant milestone by surpassing $1 billion CAD in assets under management. The parent company, WonderFi, announced that the two exchanges currently hold $1 billion CAD in clients’ cash and digital asset deposits, marking an increase from the previous quarter.

In November, both platforms experienced a 16% increase in monthly active users compared to October, along with a 54% increase in total trading volume. These impressive figures demonstrate the growing popularity and adoption of cryptocurrencies in Canada.

The merger between Bitbuy, Coinsquare, and WonderFi in July 2023 created a collective user base of 1.6 million Canadians across all subsidiaries. This strategic move has further strengthened their position in the market.

Bitbuy achieved full regulation as a crypto exchange in Canada in November 2021, after obtaining a license from the Ontario Securities Commission. Similarly, Coinsquare became the first crypto exchange in Canada to receive broker-dealer status with the Investment Industry Regulatory Organization of Canada (IIROC) in October 2022.

WonderFi, the decentralized finance (DeFi) platform backed by Canadian businessman Kevin O’Leary, has been instrumental in the success of Bitbuy and Coinsquare. In Q3 2023, WonderFi generated $9.9 million CAD in revenue and achieved cash-flow positivity in October.

Canadian regulators have implemented stricter rules for crypto exchanges, requiring them to become registered or sign a legally binding undertaking pending licensing. As a result, prominent offshore exchanges like Binance, ByBit, and OKX have ceased operations in Canada. Additionally, Canadian regulators have mandated the delisting of unapproved stablecoins, leading exchanges such as Kraken and Coinbase to delist Tether USDT and other stablecoins for Canadian users.

The achievements of Bitbuy and Coinsquare, along with the regulatory developments in the Canadian crypto market, highlight the growing importance and maturation of the cryptocurrency industry in the country.