Question 1

Is Bitbuy legal in Canada?

Accepted Answer

Yes, Bitbuy is a regulated Money Service Business (MSB) in Canada and adheres to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) legislation governed by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC).

Question 2

Is Bitbuy a wallet?

Accepted Answer

Although users have access to a wallet on the Bitbuy platform, it isn’t technically a wallet in itself. The core function of the Bitbuy platform is to act as a cryptocurrency exchange — users can choose to hold their funds in another wallet.

Question 3

How do I withdraw from Bitbuy?

Accepted Answer

Users can withdraw CAD or any of the supported cryptocurrencies from their Bitbuy wallet. If withdrawing CAD, funds can be sent to a user bank account via e-transfer or wire transfer. Cryptocurrency withdrawals require the public address of the receiving wallet.

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