Canadian Crypto Exchange Adds More Coins 🇨🇦

CoinField, a Canadian cryptocurrency exchange operator, said Thursday it is expanding its platform in significant fashion. The company said updates to its platform will allow for 10 new coins to be available to digital currency traders in Canada. The list of the new coins will be finalized in May.

“We are fully aware which coins are the most desirable by Canadian crypto community and our team work around the clock to bring these new coins in Canada for the first time however in order to stay compliant with the regulations, before we list any additions to our expansive portfolio, we have to analyze and evaluate the coins to make sure the ones we are listing are ‘commodities’ as we do not list any ‘securities’ on our platform,” said CoinField CEO Babak Bob Ras in a statement.

Currently, CoinField offers trading in bitcoin against the Canadian and U.S. dollars as well as trading of Ripple, or XRP, against the Canadian and U.S. dollars. Clients can also trade Ethereum, Litecoin, Bitcoin Cash, and Dash against the loonie.

Regulatory Environment

CoinField’s expansion comes amid a challenging regulatory environment for Canadian cryptocurrency market participants.

“The Bank of Montreal (BMO), one of the largest Canadian banks, recently said it is banning customers from purchasing digital currencies with its MasterCard credit and debit cards. BMO rival TD Bank made a similar announcement last month,” The Cryptobase recently reported.

Coupled with those announcements, the Royal Bank of Canada (RBC) said it is limiting crypto transactions. The Bank of Canada (BoC), the central bank there, is reviewing its policies on digital currencies. For its part, CoinField said it employs strict practices to prevent money laundering via digital currencies over its platform.

“Any and all attempts to hurt our traders and tarnish the perception of the revolutionary blockchain technology will be met with the full force of our cutting-edge security infrastructure,” according to the statement.