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Compliance

The Government of Canada has made changes to what services make an individual or an entity an MSB in Canada to include virtual currency services; however, these changes are not yet in force. Individuals and entities engaged in the business of dealing in virtual currency services will be MSBs, but cannot yet register with FINTRAC. Before these individuals and entities will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), regulations need to be written to define what it means to be engaged in the business of providing services such as dealing in virtual currency.

Until these regulations are drafted and in force you are an MSB, and required to register with FINTRAC, if you are engaged in the business of providing any of the following services:

  • Foreign exchange dealing (conducting transactions where you exchange one type of currency for another currency);
  • Remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network; or
  • Issuing or redeeming money orders, traveller's cheques or other similar negotiable instruments (except for cheques payable to a named person or entity).

Therefore it is only if you are carrying out any of the services listed above, on behalf of clients, that you will be considered an MSB and will be required to register with us.

Based on the information you provided, it appears you are not providing any of the MSB services identified above, therefore, at this time, you are not engaged as an MSB in Canada as per the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated Regulations and cannot register with us.

-FINTRAC

BuyXBT.ca doesn't qualify as an MSB and thus we are not obligated to fulfill FINTRAC's reporting requirements. However, in our best efforts at being proactive and to prevent Money Laundering and Terrorist Financing within Canada and abroad, we make it a priority to report transactions that seem "suspicious" or believe may be related to money laundering or terrorist financing.


Identity Verification

We may be required to ask you for identification to ensure we are indeed dealing with you and not a scammer/fraudster. This is a simple and quick process and would only be required once to confirm your account.