News Summary

Montréal-based FinTech Shakepay has become a member of the Canadian Investment Regulatory Organization (CIRO), making it the first crypto platform in Québec to earn this status. This membership is a significant regulatory milestone, elevating Shakepay’s cryptocurrency trading platform to a higher standard. Customers are now provided with up to $1 million CAD in insurance coverage for their cash through the Canadian Investor Protection Fund (CIPF), although this does not extend to crypto assets. Shakepay’s membership with CIRO involves compliance oversight, capital adequacy, and various disclosures, ensuring financial viability. The company aims to register as a payment service provider under the federal Retail Payments Activity Act later this year. Shakepay’s regulatory compliance steps are designed to enhance its product offerings and solidify its market position. Shakepay co-founders, CEO Jean Amouiny and CTO Roy Breidi, initially launched the company in 2015 as a Bitcoin-loadable credit card service, later transitioning to a crypto exchange. The platform trades Bitcoin and Ethereum, catering to over 1.4 million Canadian users. Shakepay recently secured a $44-million Series A funding round and holds a $313 million valuation. Amidst the volatile crypto market, Shakepay emphasizes regulatory compliance to build trust and stability for its users.