Canadian Crypto Exchanges Departure Creates Opportunity for Bitvo as it Reduces Withdrawal Fee by 50%

Canadian Crypto Exchanges Departure Creates Opportunity for Bitvo as it Reduces Withdrawal Fee by 50%

Bitvo Inc., a Canadian-based cryptocurrency exchange, is seizing the opportunity created by several cryptocurrency exchanges exiting the Canadian market due to regulatory challenges. In a recent announcement, Bitvo revealed that it will be reducing its withdrawal fee by 50% for both new and existing customers, effective from June 1, 2023, until August 31, 2023.

This move by Bitvo comes as a relief for crypto investors in Canada, who have witnessed a series of exchanges and trading platforms leaving the country due to their inability or unwillingness to comply with Canadian crypto regulations. Bybit and Binance are among the most recent exchanges to announce their departure from the Canadian market.

Bitvo is a registered Money Service Business (MSB) with FINTRAC and holds the status of a Restricted Dealer with securities commissions across all provinces and territories in Canada. The company emphasizes its commitment to the Canadian market and its dedication to providing a safe, secure, and user-friendly platform that has adhered to Canadian regulations since its establishment in 2018.

Bitvo Inc. offers a crypto asset trading platform accessible through mobile applications and its website, enabling users to buy and sell cryptocurrencies. The company has introduced various initiatives, including the Bitvo Cash Card, Bitvo Same Day Guarantee, and technical analysis tools, to enhance the ease and efficiency of crypto transactions.