<p>Canadian crypto exchange platform Bitbuy Technologies Inc. says it has received approval from Canadian regulators to operate as a “registered marketplace” and “restricted dealer” for cryptocurrency assets. </p> <p>Announcing the news on Wednesday, Bitbuy said the regulatory nod came from both the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).</p> <p>Bitbuy says it is the first Canadian crypto firm to be both a registered marketplace and restricted dealer, as opposed to other platforms that have only received licenses to operate as investment dealers or brokers.</p> <p>Bitbuy’s broker and marketplace approval means that the exchange will not need to route the trade orders of its customers to third-party entities abroad. “With this OSC / CSA ruling, Bitbuy will be the first trading platform to offer Canadians a fully integrated solution for buying and selling digital assets on a Canadian regulated marketplace,” said Bitbuy in the announcement. </p> <p>Detailing the benefits of the regulatory approval, the company listed liquidity expansions to cover large-volume trades, especially for institutional players. Bitbuy also stated that being a regulated broker and marketplace will also bring greater transparency for its customers when trading cryptocurrencies on the exchange.</p> <p>Bitbuy’s regulatory approval comes as Canadian regulators continue to push for stricter crypto exchange oversight. In 2020, CSA deemed that most platforms <a href="https://www.theblockcrypto.com/post/53304/most-canadian-crypto-exchanges-likely-fall-under-securities-laws-according-to-new-guidance">fell under national securities laws</a>.</p> <p>Canadian regulators have <a href="https://www.theblockcrypto.com/post/106206/with-poloniex-action-canadas-securities-regulators-get-serious-about-crypto-exchange-oversight">since taken action</a> against a few crypto exchanges including Poloniex and Kucoin.</p> <p><strong><em><span data-preserver-spaces="true">Update:</span></em></strong><em><span data-preserver-spaces="true"> After the publication of this story, Bitbuy said it has received approval to operate as a restricted dealer and not an investment dealer. The story and its headline have been updated to reflect that.</span></em></p>