19 Exchanges to Buy Bitcoin & Crypto in Canada (2020)
QuadrigaCX: A history of suspicious activity
This is a compilation of everything suspicious I found with Quadriga. Please let me know if there’s anything incorrect or missing Early History (2013-2017)
QuadrigaCX started in 2013 and made history by being the first crypto exchange to register with FINTRAC and accept gold bullion deposits. By 2015, Quadriga became Canada’s largest crypto exchange. So far, so good.
In March 2015, Quadriga attempted to go public and a month later, announced its intention to install Bitcoin ATMs across Canada. Both these plans were eventually aborted.
Even though Quadriga never listed, it started selling its shares over-the-counter. In Sep 2015, Quadriga stopped publishing audits. In March 2016, Quadriga was banned from selling shares after the BCSC issued a cease trade order (CTO) for not submitting an audit.
Around the same time, 3 of Quadriga’s 5 directors (Anthony Milewski, Lovie Horner, Bill Filtness) and CFO (Natasha Tsai) all resigned. Sometime in 2016, Director and Co-founder Michael Patryn resigned. This left Gerald Cotten ("Gerry") as the only remaining director.
Evidence shows that Michael Patryn has used several aliases (including Omar Dhanani) and is a convicted identity thief
Quadriga has changed its business address several times. It started as a Vancouver-based exchange, with its addresses changing from Commercial Dr, Nelson St, and Homer St. Eventually, the address moved to Toronto. None of these were physical office addresses, but instead a mail forwarding address.
The Terms of Service on Quadriga’s website have always suspiciously stated that:
All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies. QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.
Banking troubles throughout 2018
In late Dec 2017, Jose Reyes (CEO of Billerfy and Costodian Inc, Quadriga’s payment processor) moved over a million dollars from Quadriga’s account and into his own personal CIBC account
Shortly after, CIBC froze these funds and tried reaching out to Gerry, who refused to speak with them
All throughout 2018, Quadriga’s fiat withdrawal times took 2-3 months to complete. Quadriga kept citing the CIBC freeze as the reason. What’s very suspicious is how Quadriga constantly lied to customers with promises such as “the withdrawal backlog will be cleared in 1 week” or “your funds have been processed” when in fact they were months away from doing so.
Period leading up to Gerry’s death
On Nov 27, Gerry filed his will just 12 days before his death. He left a plane, two houses, and $100,000 for the care of his two Chihuahuas.
Gerry had a plan for all his personal affairs in the event of his death but he had no contingency plan for $180M CAD of crypto in cold storage that only he had the private keys to?
India is a suspicious place to travel, considering Gerry had a medical condition and considering how easy it is to get a death certificate there
After a severe bear market, most crypto businesses have been struggling and laying off staff. It’s odd that Gerry, who has no history of philanthropy, chooses to donate money. Especially when his exchange is having so many banking troubles.
The organization that built the orphanage states on their website that they take care of all construction. There was zero need for Gerry to go to India
A reddit post shows that the orphanage exists, although it’s a mystery where the image came from
Bitcoin fell 50% in Nov – the worst monthly decline in 7 years. Gerry’s death occurred shortly after
Gerry’s death and announcement
On Dec 9, Gerry died in India “due to complications of Crohn’s disease.” However, there is a low probability that Crohn’s disease is fatal, especially at the young age of 30
Just a couple days later, a reddit post indicated someone bought 300 BTC on Quadriga at a 25% premium and moved the funds out of the exchange
It took Quadriga over a month to announce Gerry’s death on Jan 14th.
Over the following 2 weeks, Quadriga continued to assure customers that “our hot wallets are being filled and withdrawals are going slower but will complete.”
On Jan 28th, Quadriga takes down their website. Initially they said “an upgrade is being performed,” then the message changed to “site maintenance” before being changed to “Quadriga has filed for creditor protection” on Jan 31st.
In the media, Gerry stated several times that Quadriga uses multi-sig cold storage. This is where 2/3 or 3/5 people can be used to authorize a transaction. Clearly no multisig was used if only Gerry had the private keys.
Formal Active Investigations
A preliminary court hearing was held on Feb 5, 2019 where the Canadian Apex Court appointed Ernst and Young (EY) as Monitor to further investigate into the matter. EY has stated that its an extraordinary challenge to decipher Quadriga's finances, as the company has no accounting records (and did not systematically track incoming and outgoing payments) nor a bank account in its name.
The Better Business Bureau (BBB), which gives Quadriga an F-rating, launched an investigation in Dec 2018
Quadriga has substantial personal information on its customers, including SIN, driver's license, and banking details. Given Quadriga's murky history, customers may have their identity at risk and should setup up credit report and identity theft alerts with either Equifax or TransUnion.
Binance users can now buy Bitcoin with practically all of the fiat currencies in existence; Binance, which is one of the leading cryptocurrency exchanges in the world, has partnered with the peer-to-peer crypto exchange Paxful. Via this partnership, Binance users can now use 167 different fiat currencies to buy Bitcoin. Binance also offers an OTC platfform for large trades. Visit Binance 4. Bitbuy. Bitbuy is a Canadian cryptocurrency trading platform founded in 2013 and based in Toronto. It offers trading in Bitcoin, Litecoin, XRP, Stellar, EOS, and Bitcoin Cash. Coins offered: 7 types ; Trading fees: Spread on bid and ask prices; Funding options: Interac e-Transfer, bank wire and cryptocurrency; Security: 95 ... There are numerous places in Canada that allow people to acquire Bitcoins. Canada has over 140 Bitcoin ATMs and 6,000 Flexipin retailers. The ATMS offer people an opportunity to exchange Bitcoin into Canadian Dollars. Royal Canadian Mint introduced the MintChip in 2012, which was a digital currency. The currency didn’t survive as a result of the demands that arose from it as regards to the ... 6. How many Bitcoin ATMs are there in Canada? Only the United States has more Bitcoin ATMs than Canada. As of early 2018, there were 707 Bitcoin ATMs in Canada according to CoinATMRadar. The majority of these ATMs are located in three major cities: Vancouver has 79, Montreal has 106, and Toronto has 222. Bitcoin ATMs typically charge between 7-10% for buying/selling bitcoins, a fee worth paying for some of us. But to use a Bitcoin ATM, you need to find it first which is the tough part because of the low number of Bitcoin ATMs around the world. How To Locate A Bitcoin ATM Near You. You can find a Bitcoin ATM near you by using the Coin ATM Radar service that provides you the option of searching ... Citizens of the Great White North, rejoice! Canadian Bitcoin ATM company LocalCoinATM recently announced the opening of the first Ethereum ATM in Toronto, and have added support for Ethereum on the rest of their Bitcoin ATM network.. The new ATM is located at 161 Church Street, Toronto inside of a Hasty Market, a line of convenience stores popular throughout Ontario. Bitcoin ATMs In Toronto. As of May 20th, 2020, there are a total of 252 Bitcoin ATMs in Toronto to buy bitcoin in person. See the full map here. Best Place To Buy Bitcoin In Toronto. With over 30 million customers, Coinbase is the easiest and most preferred method for buying bitcoin in Toronto. The verification process on Coinbase is simple ... Bitcoin ATMs – A Beginner’s Guide. By: Ofir Beigel Last updated: 5/4/20 Bitcoin ATMs allow the purchase and sale of Bitcoin with cash and with relative anonymity.In this post, I’ll cover the different ATMs around, their pros and cons and also show you how to find a Bitcoin ATM near your home. The number of bitcoin ATM locations has been rising steadily. Almost 9,000 bitcoin ATMs have been installed worldwide. The U.S. leads as the country with the largest number of bitcoin ATMs ... The number of cryptocurrency ATMs installed worldwide has surpassed 6,000, nearly a 50% growth since the beginning of the year. The U.S. leads other countries with over 4,000 crypto ATMs, followed ...
Use a Debit Card on Binance US to Buy Bitcoin! - YouTube
Binance Exchange Secure Your Wealth With a Ledger Wallet https://www.ledgerwallet.com/r/2fe1 Start Investing in Bitcoin & Other Crypto Currencies Sign Up To ... !!👨💻 SET UP A BINANCE US ACCOUNT 👩💻 !! https://www.binance.us/?ref=35000644 Binance US now allows you to use a Debit card to make purchases ... At the ACME grocery store in Jersey City New Jesery. Bitcoin ATM machines and more are popping up everywhere. Crypto is here to stay - HODL! Get the Ledger Nano X to Safely store your Crypto ... http://bitcoin-informant.de/2020/09/17/972-xrp-verkaufsdruck-10000-bitcoin-atms-weltweit-bitcoin-visa-card-binance Hey Informanten, willkommen zur Bitcoin-In... QFS NÄCHSTES DATUM voraus! Binance CRASH EU Regulierungen Bitcoin ATMs 5 Dinge für BITCOINER 🔥🔥 FFDK POWER BUNDLE: https://ffdk-shop.de/kryptotikel/s... In Toronto's Bitcoin Decentral Location using their ATM to buy Bitcoins ... Binance AIR-DROP and Trading News - Binance Platform Growth Binance Exchange 65,021 watching. Live now; My trip to a ... This was my first time using the new bitcoin ATM. Although it is expensive, and not completely instant, it is one of the fastest ways to convert some cryptoc...