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Toronto’s Bitbuy first crypto marketplace to receive full OSC approval

Financial Post | Stephanie Hughes | Dec 1, 2021

Bitbuy - Toronto’s Bitbuy first crypto marketplace to receive full OSC approvalBitbuy’s next step: bring more coins onto the regulated platform

Toronto-based crypto company Bitbuy Technologies Inc. is set to announce Wednesday that it has received registration approval from the Ontario Securities Commission (OSC), making it the first registered marketplace that is also a brokerage of crypto assets.

Bitbuy was formed in 2013 as a trading platform before pivoting to become a marketplace in November 2019, merging the broker dealer business with a market infrastructure. Michael Arbus, Bitbuy’s chief executive officer, told the Financial Post that the marketplace element sets them apart from other Canadian crypto trading platforms that function solely as a brokerage or have crypto as a feature on a larger business model.

Arbus described that marketplace has buyers and sellers meeting and agreeing upon a trade. Once their prices match, the trade goes through. However, a broker would go through a third party when making the transaction.

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“(Consumers) never know about pricing or transparency. They have no control over the price that the other side is giving them,” Arbus said. “In our opinion, people deserve more. So, when we made a decision to go marketplace, it came with a few other big tasks as well.”

These include building out a larger tech company with compliance and technology staffing and infrastructure, as well as filing extra paperwork.
Arbus said that he and Bitbuy’s president, Dean Skurka, held numerous consultations with regulators before March 29, when a joint announcement from the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) set out guidelines for crypto-asset trading platforms.

Since then, he said, they have grown from 25 people to 85. “It’s an extremely busy time for our platform,” he added.

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