Bitvo Inc (“Bitvo”) has announced that its withdrawal fees will be reduced by 50% for both new and current customers, effective June 1, 2023. The offer will be valid until August 31, 2023.
The move comes after several crypto exchanges have announced their departure from the Canadian crypto market due to inability or refusal to comply with Canadian regulations. The latest crypto exchange to announce its exit is Bybit, following Binance.
Bitvo is registered as a Money Service Business (MSB) with FINTRAC, and as a Restricted Dealer in all Canadian provinces and territories. The company provides a platform for trading crypto assets, facilitating the purchase and sale of cryptocurrencies via mobile applications or its website. It also offers the Bitvo Cash Card and the Bitvo Same Day Guarantee.
The press release announcing the withdrawal fee reduction reads:
“At Bitvo, we’re fully committed to the Canadian market and serving Canadians. We pride ourselves on providing a safe, secure and easy-to-use platform to our customers that has withstood the test of time, founded in 2018, both bull and bear markets and proactively complied with Canadian regulations.”
Bitvo is taking advantage of the market gap left by the departing crypto exchanges in order to offer relief to crypto investors in Canada through their initiatives, such as the reduced withdrawal fee, and technical analysis tools that make crypto transactions easier and more efficient.
