TechFlow reports that Bitbuy and Coinsquare, Canada's two largest cryptocurrency exchanges, collectively held over CAD 1 billion in customer cash and digital asset deposits as of December 6, according to a company announcement from WonderFi, up from CAD 695 million (USD 512 million) in the third quarter. The company stated that monthly active users across these platforms increased by 16% in November compared to October, while total trading volume rose by 54%.
Notably, in November 2021, Bitbuy became Canada’s first fully regulated cryptocurrency exchange after receiving approval from the Ontario Securities Commission. In October 2022, Coinsquare became the first crypto exchange in Canada to obtain dealer member status from the Investment Industry Regulatory Organization of Canada (IIROC).
