Bitvo, a Canadian crypto exchange, cuts withdrawal fees in half.
- Several cryptocurrency exchanges have announced their departure from the Canadian crypto market citing Canadian regulations.
- Bitvo aims to take advantage of the gap in the market created by these departing crypto exchanges.
- Starting June 1, 2023, the reduced withdrawal fee will take effect.
Bitvo Inc, a Canadian-based cryptocurrency company, has announced today that it will be reducing its withdrawal fee by 50% for both new and existing customers starting on June 1, 2023. The 50% discount will remain in effect through August 31, 2023.
The move by Bitvo offers relief to crypto investors in Canada as many crypto exchanges and trading platforms are announcing their departure from the country due to their inability or unwillingness to comply with Canadian crypto regulations. The most recent crypto exchange to announce its departure from Canada was Bybit after Binance’s departure.
Bitvo Registration in Canada
Bitvo is registered as a Money Service Business (MSB) with FINTRAC, and is registered as a Restricted Dealer with securities commissions in all provinces and territories in Canada.
The press release announcing the 50% withdrawal fee cut states:
- Observers predict a possible downturn in Bitcoin and cryptocurrency prices due to an upcoming liquidity shock.
- Bitcoin settles above $27.1K after dip due to rate hike and inflation concerns.
- Nansen reduces workforce by 30% due to market decline
“At Bitvo, we are fully committed to the Canadian market and serving Canadians. We pride ourselves on providing a safe, secure and user-friendly platform to our customers that has been successful over time, founded in 2018, through both bull and bear markets while proactively complying with Canadian regulations.”
Bitvo Inc. offers a crypto asset trading platform that facilitates the buying and selling of cryptocurrencies through mobile applications and its website. It has introduced several initiatives, including the Bitvo Cash Card, Bitvo Same Day Guarantee, and technical analysis tools, to make crypto transactions easy and efficient.
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