Ndax is Now a Registered Investment Dealer and Marketplace

Ndax is Canada's pioneering cryptocurrency trading platform, offering a wide range of digital assets with a robust institutional-grade infrastructure. Our strong banking partnerships ensure fast, simple, and reliable Canadian dollar transactions while proving our security through regulatory compliance and registration with Canadian financial authorities.  

Ndax operates as an Order Execution Only (OEO) firm, specializing in executing trades according to your direct instructions without offering investment advice. You manage your own buy and sell decisions, while Ndax takes care of processing these transactions. This approach is perfect for investors who want to maintain control over their trades and save on advisory fees. 

Today we are excited to share a historical moment in Ndax’s journey in Canada. Ndax has officially been granted registration as an Investment Dealer and has obtained membership with the Canadian Investment Regulator Organization (CIRO) and had been recognized as a Marketplace that is an Alternative Trading System (ATS) in all provinces and territories in Canada, as per the decision document. This milestone demonstrates our long-standing commitment to the Canadian financial markets, and to be more precise crypto markets and our users that have entrusted us for many years. It represents the culmination of months of hard work, starting with our Pre-Registration Undertaking in March 2023. This initial step showcased our dedication to regulatory compliance and operational excellence, setting the stage for this significant achievement. 

As a registered Investment Dealer and ATS, Ndax is committed to meeting the highest standards of the industry for safeguarding user capital and ensuring market integrity and fairness. To ensure compliance with the regulatory requirements, we have obtained comprehensive insurance protection and created transparent reporting, ensuring we provide the utmost security and accountability for our users. 

CIRO, or the Canadian Investment Regulatory Organization, was created through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) in December 2022. It oversees investment and mutual fund dealers in Canada, ensuring compliance with regulations and upholding market integrity. CIRO safeguards investors by enforcing rules, addressing complaints, and investigating misconduct. Additionally, it establishes industry standards and offers educational resources to improve financial literacy. CIRO plays a crucial role in ensuring a fair and transparent financial market.

The Canadian Investor Protection Fund (CIPF) is a safety net for investors, offering protection if a member firm fails and is unable to meet its financial obligations. CIPF covers up to $1 million per account type for traditional fiat currencies and securities but does not extend to cryptocurrencies. Ndax, a member firm of CIPF, provides coverage for Canadian dollars (CAD) held with them, but this protection does not apply to any cryptocurrency holdings. 

In a world where many platforms lack regulation, it's essential to choose a regulated Canadian platform.  To check the status of your platform registration or representative that you are dealing with you can visit CIRO website and check “Know Your Advisor” report, where you can confirm the status of their registration. Although reaching this milestone is monumental in Ndax’s roadmap, it wasn’t a simple task. As Tanim Rasul, COO of Ndax explains: 

Ndax users can now enjoy even greater peace of mind, knowing that Ndax upholds the highest standards of compliance for an investment dealer and ATS. As COO, Tanim Rasul, notes, “For our current customers, registration is about reinforcing the trust we’ve already built with them and reassuring them they’ve chosen the right place to trade crypto in Canada.” Backed by strong financial and operational controls, comprehensive insurance coverage, regular financial reporting, and a solid capital base, Ndax ensures a stable and secure experience under the current regulatory regime.

As Ndax continues to grow and evolve, we remain dedicated to offering the best possible experience for our users. While the fundamental user experience on our platform will not change, our new status as an Investment Dealer and ATS opens up exciting new opportunities and benefits for you:

• Strengthened Safeguards: We’ve enhanced our security measures, providing comprehensive insurance protection and transparent reporting, ensuring that your assets are protected and our operations are fully accountable.
• Market Integrity: With our commitment to adhering to rigorous regulatory standards, Ndax ensures a fair, secure, and transparent marketplace for all our users.
• Reinforced Trust: Our new status reinforces the trust you’ve placed in us, allowing you to continue using Ndax with confidence, knowing that we meet the highest standards of regulatory compliance and industry best practices.
• New Trade Limits: As part of the regulatory changes, we’ve also increased our trade limits for eligible and accredited investors. Specifically, for users in Alberta, the previous 30,000 CAD limit for Altcoins no longer applies, giving you the flexibility to trade at higher limits.

With these new protections in place, users can feel more confident in the security and integrity of the platform, knowing their trades are conducted within a fully regulated environment. Our goal is to continually improve every aspect of your experience, from asset security to the transparency of our operations. As part of these changes, all members will be required to complete a few actions to ensure compliance with the new standards.

To ensure full regulatory compliance and maintain the integrity of our platform, we require all users to complete a few essential steps. When you next log in to Ndax, you will be presented with a new:

• Appropriateness assessment
• Financial information to remove trade limits
• Policies and risk disclosures
• Updated documentation (for existing API users)

These steps are essential for ensuring we meet the highest standards of security and compliance. By updating your information and agreeing to new policies, we strengthen the protection of your assets and ensure a reliable platform. These actions also guarantee that Ndax continues to adhere to regulatory requirements, providing a fair and trustworthy trading environment. We appreciate your cooperation as we work to offer you the best possible trading experience while staying compliant with industry standards.

Ndax’s registration as an Investment Dealer and membership with CIRO marks a significant milestone in our journey, reinforcing our commitment to regulatory compliance, security, and market integrity. This achievement ensures that we continue to provide a trusted and reliable platform for cryptocurrency trading in Canada, with enhanced protections for our users. As we move forward, we remain dedicated to upholding the highest industry standards and fostering a secure environment for digital asset adoption. Thank you for being part of Ndax’s success. As we move forward, we remain committed to enhancing your experience and fostering the safe, regulated adoption of digital assets in Canada