On January 1, 2024, Wealthsimple Digital Assets Inc. and Wealthsimple Investments Inc. amalgamated. Crypto assets that were previously held with Wealthsimple Digital Assets Inc. and/or our third-party custodians are now held with Wealthsimple Investment Inc. and/or our third-party custodians.
Why? Well, Wealthsimple Crypto operates under time-limited relief from the Canadian Securities Administrators. Under this relief, we’re required to transition our platform to Canadian Investment Regulatory Organization (CIRO) oversight and Wealthsimple Investments Inc. is already a member of and regulated by the CIRO.
Frequently asked questions
What happens to my crypto account?
Cash in your crypto account and your crypto assets are now held within a single account with Wealthsimple Investments Inc. Previously, crypto assets were held with Wealthsimple Digital Assets Inc.
- Your agreements with Wealthsimple Digital Assets Inc. are now agreements with the amalgamated entity, Wealthsimple Investments Inc. Several of our disclosures have been updated.
- Our crypto platform is now regulated by the CIRO.
- The cash balance in your crypto account is covered by the Canadian Investor Protection Fund (CIPF), within specific limits.
- To comply with certain new requirements, we can't promise reimbursement if you stake Solana (SOL) and your staked Solana is affected by slashing. Review the updated asset statement for SOL.
No required action is required on your end for this change.
Does operating under CIRO change how I use your crypto platform?
Your trading experience doesn't change. You can still buy, sell, stake, unstake, and transfer the coins we support.
New requirements as a result of this change include:
- Cash held within crypto accounts is now covered by the CIPF, within specific limits.
- Solana (SOL) slashing protection is no longer promised.
What happens to my Solana (SOL) now that you don't offer slashing protection?
Solana (SOL) continues to be tradable, stakable, unstakable, and transferable on our platform. Learn more about SOL and slashing.
In the event that Solana gets slashed, Wealthsimple will pass on any reimbursements it received from its third-party validators back to impacted clients.
With SOL slashing protection gone, can we expect other features and or coins to be taken away now that Wealthsimple is regulated by CIRO?
Wealthsimple Crypto is a regulated crypto trading platform and we continue to meet our regulatory obligations. We have many features planned for the platform to continue enhancing the trading experience.
How does CIPF coverage work and how will this impact me?
The CIPF protects an investor if the investment dealer they keep their money and investments with goes insolvent. The cash held in your crypto account is now covered by the CIPF, within specific limits.