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Open a bitcoin exchange platform in Canada

Hi

Anybody knows how to open a bitcoin exchange platform in Canada?

Comments

  • same question!
    And I am now working on for the license, and it there any body is interesting for investing?
  • CoinGuyCoinGuy Administrator
    edited February 17
    Quadrigacx had the best answer to this on Reddit


    Its a lot more complicated than simply setting up a corporation and hiring a bunch of people to look at documents.
    • From the verification end, you have fraudsters uploading fake documents and then sending fraudulent payments. Even with our seemingly complicated verification system, we have crafty fraudsters who create actual fake documents and then hire people to do the selfies in third world countries.
    • You then have to deal with police reports and other issues when fraudulent payments occur. Meanwhile, the fraudster has likely got away with the bitcoin. Depending on your banking situation, you may have to take a loss here.
    • Every now and then you get court orders from the RCMP regarding users who have sent funds from the darknet. Your team then has to spend hours compiling client information to satisfy these orders within the mandatory timeframe.
    • Banks won't touch you, so you have to use a variety of unreliable payment processors to send and receive payments. These all charge high fees. When the banks finally do accept you, be prepared for random account freezes while their compliance team goes over things that have been evaluated 20 times already.
    • The website infrastructure is surprisingly complicated. Be prepared for near non-stop DDOS attacks that attempt to disable your servers. Even the giants such as Kraken and Coinbase struggler to maintain 100% uptime.
    • Users regularly send the wrong cryptocoin to the account funding addresses. Ie sending Litecoin to bitcoin addresses. Your devs then need to be prepared to spend hours unlocking and accessing these various alt coins. If you don't do it fast enough, these same users file police reports and sue you (Has happened a few times).
    • If you have a physical location, security is a major concern. See the recent armed robbery of an Ottawa based exchange
    .

    We encourage competition in the market, however it is important to know that it involves much more than throwing together a website.
  • barehunterbarehunter Member Plus
    "Build it and they will come".

    Don't count on it. Many have been scams and people's trust in new exchanges is slim to none.

    Reminds me of Virtex posting in here a few years back. They opened an exchange that sounded a lot like Cavirtex. It was a pure scam.

    Best have lots of money, time, patience, and undeniable credentials if you want to proceed.

  • If the know how is available with you,there will be good opportunity for investment. I think a decentralised exchange platform would be better.
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