- On August 16, Newton announced that he was officially registered with the Ontario Securities Commission (OSC).
- Several modifications have been made to the Newton platform to protect investors from risk.
In order to “protect customers” despite stricter laws, Canadian crypto exchanges Bitbuy and Newton apply an annual “purchase limit” of $30,000 (CAD) for “restricted coins” to their Ontario users.
The Ontario Securities Commission and other Canadian provincial and territorial securities regulatory organizations have recognized the Newton Crypto Exchange as a suitable business to operate for a specified period of time. As a result, investors are protected, and they are ensured that they are aware of the risks associated with purchasing crypto assets. Moreover, on August 16, Toronto-based cryptocurrency trading platform Newton announce It got official registration from the Ontario Securities Commission.
We are pleased to finally announce our registration with the Ontario Securities Commission (OSC) and the securities regulators of all Canadian provinces, Yukon, and Northwest Territories. pic.twitter.com/8zx8UJy2DE
– Newton (@Newton_crypto) August 16, 2022
Amendments to protect investors:
The new regulations will apply an annual “net purchase limit” of C$30,000 to all cryptocurrencies, except for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).
The sale amount will be deducted from the limit if the trader buys a restricted currency and eventually sells it. The cap is reset once every 12 months after the initial purchase of restricted coins.
Other changes aimed at protecting consumers include a “trading questionnaire” that the exchange should use to collect data from users about their prior experience, knowledge of investing in cryptocurrencies, financial status, and risk tolerance. This questionnaire must be filled out to continue funding the account and trading on the platform.
In addition, traders will receive a message from the cryptocurrency exchange if their portfolio experiences a loss level higher than what they identified in the survey that they are not comfortable with.
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