Canada’s largest foreign exchange broker has come under fire for using a bitcoin trading platform to help customers save money.
Canadian-based cryptocurrency exchange bitcoin.com has long provided customers with the option to buy or sell bitcoin on its platform, and it has long offered bitcoin trading in a range of markets, including Canada.
But in February, the company faced backlash from customers who complained that it had not been properly reporting bitcoin transactions.
Now, after an investigation by the Toronto Star, bitcoin.co.uk, a Canadian cryptocurrency trading platform, has been banned from selling bitcoin in Canada.
“The company has taken steps to ensure that the information on its site is accurate and complete,” bitcoin.ca, a subsidiary of bitcoin.org, told the Star in a statement.
“We will not be providing further comment at this time.”
In addition, bitcoin trader Adam Lee, who is also a co-founder of the company, told Reuters in February that the company was now taking steps to address the issues.
“I think we have a lot of work to do and we’re going to get there, but it’s something we’ve been working on,” Lee said.
“We want to be the best bitcoin broker we can be.”
Lee said that bitcoin.uk is “working to provide more clarity about the rules around this.”
While bitcoin.io is currently selling bitcoin on the Toronto-based exchange, bitcoin at this point only offers bitcoin trading to Canadian residents.
In Canada, bitcoin is a digital currency that is created by the developers of bitcoin software.
It is traded on exchanges where users buy and sell bitcoin for real-world money using a peer-to-peer payment network.
It is used by the cryptocurrency community to buy and send value through the internet.
According to CoinDesk, bitcoin currently trades for $2,100 at the time of writing.