Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency
Balance, Canada's largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution which streamlines regulatory compliance for FINTRAC reporting entities dealing in virtual currency such as money services businesses (MSBs).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220809006098/en/
Large Virtual Currency Transaction (LVCT) alert on the Balance Custody web platform. (Graphic: Business Wire)
Balance Compliance is the result of over 18 months of work and enables Balance Custody clients which are FINTRAC reporting entities to perform the following on the platform:
"Given FINTRAC's recent retraction of its position with respect to merchant servicing and payment processing, certain virtual currency payment providers and crowdfunding platforms now need to register as MSBs. For a large majority of them, this new compliance overhead translates into negative unit economics. That doesn't have to be the case. At scale, these costs blend in for us. Come leverage our platform for compliance peace of mind and focus on the core and spirit of your business instead." - George Bordianu, Chief Executive Officer
Balance successfully serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, and corporate entities and foundations. To find out more, visit www.balance.ca.
Press release issued on July 20, 2022
Further to the press release issued on July 20, 2022, Balance wishes to clarify that Balance itself is not a "qualified custodian" as such term is defined pursuant to applicable securities laws and that crypto trading platforms that are licensed with securities authorities in Canada are expected to use qualified custodians, absent any discretionary relief that may be granted by these regulatory authorities.
PARADISO VENTURES INC. O/A Balance is a private company incorporated under the laws of the Canada Business Corporations Act, R.S.C., 1985, c. C-44, with the registered office address at 325 Front St W, 4th floor (Attn: Balance), M5V 2Y1, Toronto, Ontario, Canada which sells digital goods and services. This is not an offer or solicitation of any investment contract or financial security and should not be misconstrued as such. Digital assets and the blockchain are early technologies and as such have an associated high degree of risk. Balance cannot and does not offer financial or investing advice. For informational purposes only.