Canadian crypto exchanges Bitbuy and Newton are enforcing a 30,000 Canadian dollars annual “buy limit” for “restricted coins” for their users based in Ontario.
Newton, a Toronto-based crypto exchange, said in a statement that "over the past several months," they have been "quietly" working on getting registered with the Ontario Securities Commission and the securities regulatory authorities in other provinces and territories of Canada, adding:
“You may already be familiar with these changes as they impact all Canadian crypto trading platforms, not just Newton. These changes are to protect crypto investors…and to make sure investors are aware of the risks associated with investing in crypto assets.”
Newton will impose the annual net buy limit of 30,000 CAD on all cryptocurrencies except Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, this does not apply to British Columbia, Alberta, Manitoba, or Quebec residents.
Vitalik Buterin, the founder of Ethereum, commended Ethereum community members on Twitter for criticizing the regulations that “privilege ETH over other legitimate cryptocurrencies.”
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