Bitbuy’s Transition to CCML: FAQ

  • Updated

Why did we make this change?

The crypto trading platform operated by Bitbuy is subject to time-limited relief granted by the Canadian Securities Administrators. Under this relief, we were required to transition our platform to CIRO oversight. CCML is a CIRO-regulated brokerage owned by WonderFi, the parent company of Bitbuy.

What happens to my current balance and transaction history?

Rest assured, your current balance, assets, and complete transaction history will be securely transferred and accessible in the Bitbuy App.

Are my assets and funds safe during the transfer?

The security and safety of your assets are our utmost priority. The transition will be managed with rigorous security protocols ensuring the integrity of your funds.

Will I need to undergo another KYC (Know Your Customer) process?

You won’t need to redo KYC verification, but you will need to review and confirm your personal details and provide any missing Info. Additionally, you will need to agree to updated terms and conditions regarding the transfer of your accounts to the Canadian Investment Regulatory Organization (CIRO) regulated CCML platform.

Do I need to download a new application?

No, you will only need to update your Bitbuy app to access the new experience.

What will happen to the assets I have currently staked in my Bitbuy account?

Your staked assets will be migrated as well and do not need any action on your part. Reward rates, bonding and unbonding periods will remain unchanged.

I have a Coinsquare account. Will my accounts be merged?

No, your accounts will remain separate until further notice. You will continue to access your Bitbuy account through your Bitbuy app or the Bitbuy website. 

Will fee structures change?

Information on the new fee structure will be available soon!

What if I have open trades or orders on Bitbuy during the transition?

Any open Bitbuy orders will be cancelled prior to the outage. If you want, you can replace the orders once the outage is complete.

How will customer support change? Will I still be able to get assistance in the same way?

Customer support remains a cornerstone of our service. You can reach out to Bitbuy’s dedicated support team in the same manner you did before.

What will be my login credentials after the migration and will my 2FA remain the same?

Your login credentials will remain the same, as well as your 2fa method if you're using Google Authenticator or SMS.
If you're using Authy, your 2fa will revert to SMS, however you can set up Authy again once you've logged into your account after the transition to CCML is complete.

Will my crypto deposit wallet addresses change or remain the same?

Your existing crypto deposit addresses will remain functional.

Will my Interac e-Transfer details change?

Yes, after the transition to CCML, the process for making deposits via Interac e-Transfer will be updated to enhance convenience and speed. Instead of the current method where you need to manually enter an email address, recipient name, and a security question and answer, we will introduce a new Request Money Deposit (RMD) feature within the app. This new feature allows for near-instant deposits directly through the app interface, streamlining the process and eliminating the need to toggle between different platforms. This change is designed to make your transactions smoother and more secure.

What happens if I do not want to transfer my Bitbuy account to the CCML platform?

If you do not wish to have an account with Bitbuy under the CCML regulatory umbrella, we suggest you close your Bitbuy account prior to the transition date.

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