To WonderFi Stakeholders:

Everything remains business as usual at WonderFi, and our commitment to a regulated digital asset industry is proving to be invaluable. I wanted to provide you with an update on the current state of the digital asset industry, and how it relates to our registered Canadian crypto trading platforms, Bitbuy and Coinberry.

The headlines of the past week have been overshadowed by lawsuits and regulatory actions targeting prominent crypto trading platforms operating in the United States. These well-known international crypto trading platforms have been accused of unacceptable actions including wash trading, commingling customers’ funds, and operating unregulated securities exchanges.

In Canada, unregistered international crypto trading platforms have been announcing their exit from the Canadian Market, blaming stringent regulatory requirements to operate in this country. 

I am thankful that Canadian securities regulators have developed a clear regulatory path to safeguard Canadian consumers by working with registered platforms to protect Canadian investors. Operating in a country that has developed clear and comprehensive regulations for the digital asset industry has provided stability to our registered Canadian crypto trading platforms. This contrasts with other jurisdictions that continue to struggle with establishing regulatory clarity around the digital asset industry. Canada has been at the forefront of establishing a robust digital asset regulatory framework, which provides a strong level of protection for investors. I believe this will continue to foster a healthy and secure ecosystem for the continued growth and maturation of the Canadian digital asset industry.  

At WonderFi, we have always championed operating our registered crypto trading platforms in a manner that embraces regulations and investor protections. In fact, Bitbuy was the first crypto marketplace in Canada to be registered with the Canadian Securities Administrators in 2021.

We are proud to have open dialogue with regulators that will continue to push the industry forward. A clear example of this is Bitbuy’s staking license, one of the first to be issued in Canada. Our efforts with regulators allowed us to establish a balance between consumer protection and innovation, which is a precedent we will maintain with our product roadmap in the coming years.

We thank you for your continued support and trust in WonderFi. Please feel free to share this correspondence, and if you have any additional questions or concerns, do not hesitate to contact us at connect@wonder.fi.

 
Sincerely, 

Dean Skurka 

President and Interim CEO  

WonderFi (TSX:WNDR)