Tried to sell Bitcoin and receive payments into a Canadian bank lately?

BitPay

No you can’t add a Canadian bank!

coinbase

No you can’t add a Canadian bank!

No problem adding an account in the UK or USA but it seems they really don’t like Canadians so what’s going on?  I’ve even come across consumers that had their Canadian bank accounts shut down because there was some link to a crypto coin.

You’d think Canada would embrace the fact that Vitalik Buterin of Ethereum fame, one of the greatest pioneers in the blockchain space is a Canadian, but no it’s not happening.

Although, there might be hope!

In my search for a trustworthy Canadian option I came across coinsquare and looked them up to see if they were registered as an MSB (money service business) with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and discovered they recently registered on 7/7/2017.

Why is this MSB registration noteworthy?

Because, non-compliance = penalties, big ones.  Which means they’re likely to be a bit more trustworthy than the ones that aren’t registered.

FINTRAC may disclose cases of non-compliance to law enforcement when there is extensive non-compliance or little expectation of immediate or future compliance. Criminal penalties may include the following:

  • Failure to report suspicious transactions: up to $2 million and/or 5 years imprisonment.
  • Failure to report a large cash transaction or an electronic funds transfer: up to $500,000 for the first offence, $1 million for subsequent offences.
  • Failure to meet record keeping requirements: up to $500,000 and/or 5 years imprisonment.
  • Failure to provide assistance or provide information during compliance examination: up to $500,000 and/or 5 years imprisonment.
  • Disclosing the fact that a suspicious transaction report was made, or disclosing the contents of such a report, with the intent to prejudice a criminal investigation: up to 2 years imprisonment.

Will coinsquare become Canada’s Bitcoin hero?  We’ll have to wait and see.

 

 

 

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