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Quadrigacx Update June 24 2018

Over the past few months, we have experienced one of the most harsh banking environments in Canada that we have seen since launching in late 2013. While the banking blockade, which has delayed EFT withdrawals and blocked incoming Interac Online transfers to all cryptocurrency companies has been frustrating for both ourselves and our members, we feel that we are nearing the end of the tunnel in terms of returning to our usual level of service. We thank all of our members that have stood by as we continue to navigate the hostile banking environment in Canada that has consistently attempted to thwart the growth of the cryptocurrency industry.

Banking insiders have confirmed that the run-up in Bitcoin price in late 2017 and early 2018 resulted in a panic among the Big 6 banks, as they grappled with the prospect of cryptocurrency upending the traditional banking system. The banks responded by creating a payment blockade that is well documented. RBC, TD, BMO, CIBC and Scotiabank have all blocked the purchase of cryptocurrency with their credit cards. RBC and BMO took that a step further and have blocked Canadians from purchasing cryptocurrency using their own funds, with the refusal to process Interac Online transactions that are destined for cryptocurrency related businesses (including QuadrigaCX and all of our domestic competitors). CIBC, the worst of the worst, has done the above, and has also resorted to blocking the internal movement of funds between our operational accounts, as well as withholding wire tranfers that have been sent to our clients.

WHile the banking situation in Canada has certainly impeded growth of cryptocurrency in the short term, it has only strengthened our resolve to challenge the oligopoly that has dominated the Canadian banking system for decades. Canadians should not be told how or where they can spend their hard-earned money, and we feel that cryptocurrency has the power to bring about a paradigm shift that will forever change the landscape of the Canadian and even global financial systems. Decentralization is the way of the future, and we are confident that consumer financial services will finally break free from the pre-historic banks that currently dominate our lives.

We would like to share some of our exciting plans for the near future:

- Interac E-transfer funding will be restored for long-term members this month, and will be rolled out to newer users shortly thereafter.

- On July 25th, we will be laucnhing our comprehensive bill payment system that will enable users to pay not only their Visa and Mastercard bills, but also thousands of commercial payees from every corner of the country.

- Over the coming weeks, our gift card partnership with will expand to include variable denominations as well as hundreds of new merchants.

- Cash withdrawals will resume in early July.

- Instant-EFT account funding will begin in early July.

- QuadrigaCX Visa Branded debit cards will be rolled out on a trial basis in July, followed by full scale introduction shortly thereater.

- The introduction of additional cryptocurrency offerings will be added soon.

We thank you for choosing QuadrigaCX as your Canadian cryptocurrency exchange and look forward to serving the domestic and international markets for years to come. Together, we can bring cryptocurrency to the masses, and bring about a revolution that will forever change the world, as Satoshi once envisioned.



  • JjcryptoJjcrypto Member
    edited June 2018
    I hope crypto currency brings about massive change and kicks big banks right in the nuts. Blood suckers.

    You can bet they will lobby the shit out of Ottawa and say the sky is falling.
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