Marketplace registration status allows CoinSmart to offer full order book functionality where customer orders can be directly matched with one another.
Toronto, Ontario December 23rd, 2021 – CoinSmart Financial Inc. (“CoinSmart”) (NEO: SMRT; FSE:IIR), a leading Canadian headquartered crypto asset trading platform, announced today that its wholly owned operating subsidiary Simply Digital Technologies Inc. has been granted status as a Marketplace by all Canadian securities regulators.
CoinSmart is only the second platform in Canada to achieve this relief, allowing customers to trade crypto assets securely through a fully regulated platform.
Earlier this year, CoinSmart was one of the first crypto trading platforms to be registered as a restricted dealer by all Canadian securities regulators. However, a restricted dealer cannot allow an order to be matched between two customers. Instead a restricted dealer has to match the other side of all customer orders. To fill an order restricted dealers will typically add a markup and route the order to an external liquidity provider (who may or may not be regulated in Canada). Marketplace Registration status now allows CoinSmart to offer full order book functionality where customer orders can be directly matched with one another.
CoinSmart CEO Justin Hartzman commented, “This is a tremendous step for CoinSmart and the Canadian crypto asset ecosystem as a whole. Clear and sensible regulation is paramount for further growth of our industry. We are proud to be one of the first Canadian platforms to achieve Marketplace Registration which will allow CoinSmart to continue to be a market leader. This is just another step towards our growth and future plans.”
CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be registered as a restricted dealer and a marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute “forward-looking information” (“forward-looking information“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may”,”could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: regulatory approvals. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Chief Executive Officer
Tel.: (647) 923-7678