We’re now regulated by CIRO
We’ve got some exciting news to share. As of today, Shakepay Inc. is now regulated by the Canadian Investment Regulatory Organization (CIRO). This marks a huge milestone for us (and for you).
What this means for you
More protection for your cash
One of the most important changes is that cash assets are now protected by the Canadian Investor Protection Fund (CIPF) up to $1,000,000 per customer.
Increased oversight for your funds
Shakepay has always prioritized the safety of customer funds. Your money is held 1:1 with approved custodians and kept separate from operational funds.
And now, CIRO adds an extra layer of oversight to help ensure we continue doing just that –your money is never used or lent out without your permission; it’s fully held and available to you at all times.
Meeting high standards
Being regulated by CIRO means that our products and services will be held to similar high standards as those of investment dealers owned by the big banks.
Plus, our executives are required to meet strict qualifications and undergo continuous education to stay up-to-date with industry best practices.
Visa card and bill pay updates
If you’re using our prepaid Visa card or bill pay services, these will now be handled by Shakepay Financial Inc. – our affiliated entity. You’ll just need to accept a new agreement for those services, but otherwise, it’s business as usual.
What stays the same?
Here’s the good news – everything you love about Shakepay is sticking around. You can still buy, sell, deposit, send, and earn bitcoin and ether, just like before.
Important account information
A few other details we want to flag:
- Customer account information: We assume the details you’ve shared with us, known as Know Your Customer (KYC) information, are current. If they’re not, please reach out to our team.
- Risk disclosures: By sticking with us, you’re agreeing to the risk disclosures you’ve already reviewed. If you need a refresher, you can find the risk statement and the crypto asset statements for bitcoin and ether.
Updates to your agreements
We’ve made a few updates to the agreements related to your account to keep things clear and transparent.
Now that we’re regulated by CIRO, the use of our crypto service is subject to our new Customer Account Agreement, while the use of our bill pay feature and prepaid Visa* card will be subject to our Payment Services Agreement.
These agreements include details regarding:
- Who’s who: We’ve clarified how Shakepay Inc. and Shakepay Financial Inc. operate, so you know who’s handling what.
- Responsibility check: We’ve outlined what Shakepay is responsible for – and what you need to know to protect your account.
- Eligibility: We’ve refined the rules around who can open and maintain a Shakepay account to keep things above board.
- Supported assets and services: We’ve made it clearer how things like forks, airdrops, and everyday payment services (e-Transfer, direct deposits, and bill pay) work.
- Liability: We’ve added more details to help you understand our liability and where your responsibilities lie.
- Suitability waiver: We’ve emphasized that it is your responsibility to ensure a trade is suitable for you before placing an order.
If you do not wish to be bound by the terms of these 2 new agreements, you can simply stop using the associated products.
Why this matters
You might be wondering – why is CIRO an important milestone for Shakepay? Well, we believe that regulation is key to fostering trust and encouraging more people to adopt Bitcoin and crypto in Canada. In this way, we’re ensuring that Shakepay remains a trusted partner for Canadians as they navigate the world of cryptocurrency.
By working within a regulated framework, we can offer you more transparency, protection, and better overall services.
This is a huge step forward. It brings greater protection for your assets, higher standards for our service, and more trust in our platform.
We’re here to make crypto safer, easier, and more accessible for Canadians, and becoming a CIRO member is one more way we’re making that happen.
*Visa is a trademark of Visa International Service Association and used under licence by Peoples Trust Company. The Shakepay Visa* Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int.