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My account was deemed inappropriate. What happens now?

  • Updated

Overview

Bitbuy is required to determine whether each prospective and existing client is considered “appropriate”, with respect to their investing experience, knowledge, financial circumstances, and risk tolerance. We do this by asking each client to complete a trading questionnaire. 

If you are advised that your account can’t be opened or that your account must be restricted, the answers you provided to the trading questionnaire likely indicate that you are not appropriate to operate a Bitbuy account under the framework that Bitbuy developed with the Ontario Securities Commission. 

What can you do if you are determined to not be appropriate to operate a Bitbuy account?

If you answered the trading questionnaire truthfully and were determined to not be appropriate to operate a Bitbuy account, then that determination has been made for any of the following reasons:

  1. You do not have any source of income or any assets;
  2. You have not educated yourself appropriately about digital assets;
  3. You do not feel equipped to assess the merits and risks of your investments; or
  4. You cannot tolerate any losses in your Bitbuy account.

Bitbuy has curated this list of educational resources to help clients learn more about investing in digital assets, risk tolerance, and other topics that may help clients prepare to operate a Bitbuy account. It is highly recommended that all clients review each of the educational resources in the linked article. 

How do I change my questionnaire answers?

If you would like to change the answers that you provided to the trading questionnaire, you must contact Bitbuy Support. Questionnaire answers are locked for 24 hours after the original completion of the questionnaire, to allow clients to have adequate time to review the curated educational resources and adequately evaluate any potential changes to their responses.

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