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@ The storm
2023-12-01 17:09:54Ca someone explain the impact on our cripto or any explaining why ???
We’re reaching out to let you know that Wealthsimple Digital Assets Inc. and Wealthsimple Investments Inc. will amalgamate on January 1, 2024, pending regulator approvals. You are receiving this notice because you have a Wealthsimple Crypto account with us. Our records indicate that your account is open, even if it currently has a zero dollar balance or has been inactive for some time. This change will impact your crypto account in a few ways. What's changing? As a current Wealthsimple Crypto client, your cash is held with Wealthsimple Investments Inc. and your crypto assets are held with Wealthsimple Digital Assets Inc. (or its third party custodians). After the amalgamation: Your cash and crypto will be reflected in a single account with Wealthsimple Investments Inc. Your account with Wealthsimple Digital Assets Inc. will be closed. Your agreements with Wealthsimple Digital Assets Inc. will become agreements with the amalgamated entity, Wealthsimple Investments Inc. and several of our disclosures will be updated. Your crypto account, and our crypto platform, will be overseen by the Canadian Investment Regulatory Organization (CIRO). The cash balance in your crypto account will be covered by the Canadian Investor Protection Fund (CIPF), within specified limits. To comply with certain new requirements, we will no longer be able to promise reimbursement if you stake Solana (SOL) and your staked Solana is affected by slashing. You can review the updated asset statement for SOL here. We’ll share a formal notice of these changes closer to January 1. What's not changing? You will continue to be able to purchase, sell, stake, unstake, deposit and withdraw crypto assets using our platform. Your crypto assets will continue to be held in trust, which means in the very unlikely event something happens to Wealthsimple , your crypto is protected. We will continue to hold the majority of our clients’ crypto with regulated third-party custodians that specialize in crypto custody, have appropriate insurance and sufficient capital. Why is this happening? Wealthsimple Crypto operates under time-limited relief from the Canadian Securities Administrators. Under this relief, we’re required to transition our platform to CIRO oversight. Wealthsimple Investments Inc. is already a member of and regulated by CIRO.
If you have additional questions, please don’t hesitate to reach out to our Client Success team.
The Wealthsimple Team