Shakepay Inc. Becomes First Quebec-Based Crypto Trading Platform to Become a Member of the Canadian Investment Regulatory Organization (CIRO)
MONTREAL, Jan. 8, 2025 /CNW/ – Shakepay Inc., a leading Canadian financial services provider bridging bitcoin and traditional finance, is proud to announce its official membership as a dealer member with the Canadian Investment Regulatory Organization (CIRO). This milestone makes Shakepay the first crypto trading platform (CTP) from Quebec to be CIRO-regulated, reinforcing its commitment to the highest standards of customer trust and regulatory compliance.
As a CIRO member, Shakepay joins the ranks of regulated investment dealers across Canada, offering enhanced security, transparency, and operational standards, ensuring that our products and services will be held to similar high standards as those of investment dealers owned by the big banks.
This achievement highlights Shakepay’s dedication to building a trusted regulatory framework in the crypto industry while advancing safe, accessible, cryptocurrency options for Canadians. With its CIRO registration, Shakepay is now better positioned to build upon its existing offerings while exploring opportunities to improve the customer experience within a robust regulatory framework.
“CIRO regulation marks a defining moment for Shakepay and bitcoin adoption in Canada,” said Jean Amiouny, CEO. “This is a major step forward in providing our customers with the trust and peace of mind they deserve. Joining CIRO means we’re adhering to the same standards as the investment dealers of the country’s top financial institutions, reinforcing our promise to deliver a safe, transparent, and seamless bitcoin experience for all.”
Key Benefits for Customers
Shakepay customers will now enjoy enhanced protection for their cash in Canadian dollars, with coverage up to $1 million through the Canadian Investor Protection Fund (CIPF). Although CIPF does not cover crypto assets, Shakepay maintains insurance for digital currencies stored securely in cold storage, protecting against risks like theft or key loss.
Eric Richmond, General Counsel & Head of Business Development at Shakepay, emphasized that, “Shakepay has long prioritized customer protection, holding funds 1:1 with approved custodians, separate from operating funds. Canadians can be confident that when they use Shakepay they are afforded with the CIRO protections, such as capital adequacy and compliance oversight.”
Commitment to Transparency and Safety
For Shakepay, CIRO membership reinforces its mission to make acquiring bitcoin safer, easier, and more accessible for Canadians. Customers will benefit from clear disclosures around eligibility, account agreements, asset handling, and their rights and responsibilities as account holders.
“This regulatory milestone affirms our commitment to providing Canadians with a trusted platform for exploring bitcoin and building confidence in the digital economy,” Amiouny added. “It’s not just a win for our customers, but also for the wider adoption of bitcoin in Canada.”
About Shakepay
Shakepay is a leading Montreal-based technology company, founded in 2015, empowering Canadians to buy and earn Bitcoin through customer-friendly platforms. Serving over 1 million customers nationwide, Shakepay focuses solely on the Canadian market, offering a trusted and secure platform to simplify crypto adoption. Licensed as a Money Service Business (MSB) with FINTRAC and as an Investment Dealer with CIRO, Shakepay meets the highest standards of security and reliability. As an advocate for responsible financial innovation, Shakepay remains a leader in driving growth in Canada’s crypto space, and promoting financial inclusion.
SOURCE Shakepay
