Bitbuy is one of the most prominent names in the world of crypto. The company is based in Canada. They have been one of the most successful companies in Ontario along with Newton. The company has witnessed huge growth in recent years and has been able to steadily attract customers to invest in the crypto market. However, recent time has been dark for the market. The market has experienced unprecedented levels of loss in the past few months.
Some of the giants of the system like Bitcoin and Ethereum have struggled to find their foothold as well. They incurred heavy losses and also saw the prices to new lows. Companies like Coinbase are on the verge of liquidation. To add to the growing miseries, Tether has declared the liquidation of Celsius.
To stop the market from going further down, the Canada-based company has decided to limit the annual buying of cryptocurrencies. They have stated that investors can buy cryptocurrencies no more than the value of 30000 Canadian dollars. Bitbuy stated that the decision was taken in order to protect the welfare of the consumers in the long run and to minimize the risk of losses. Let us learn more about the story in detail below.
Bitbuy Restricts Crypto Buying
Bitbuy has restricted the consumers to buy cryptos of more than 30000 Canadian dollars in a year. The company registered itself with the Ontario Securities Commission recently. They issued an official statement that spoke about why the mentioned restrictions were being implied.
Bitbuy stated that the consumers must be made aware of all the lurking dangers and risks in the crypto market. However, the limit will not be applicable for renowned coins like, Bitcoin Cash, Bitcoin, Ether and Litecoin.