Canadian crypto platforms joining CIRO: what changes when they become investment dealers

When crypto trading platforms were first brought under securities law in Canada, most registered in a special category called restricted dealer. That was always meant to be temporary. In 2026, some platforms completed the next step: registering as investment dealers and becoming dealer members of the Canadian Investment Regulatory Organization (CIRO), which means following CIRO’s rules.

This guide explains what that means, using the published decision for one platform that has made the move, and what changes for you as a customer. For the basics of the current limits, see why Canadian crypto platforms cap what you can buy.

Why platforms are moving to CIRO

Canadian securities regulators say securities law applies to crypto trading platforms because your contractual right to the crypto they hold for you may itself be a security or derivative. To foster innovation, the Canadian Securities Administrators (CSA) set up what Newton’s 2026 decision calls an interim, time-limited framework, letting platforms operate in a regulated environment with requirements tailored to them.

Becoming an investment dealer is the longer-term route. Coinbase Canada’s 2026 decision shows how it works in practice: its earlier relief required it to apply to become an investment dealer and a CIRO member by 3 October 2024. It applied that day.

Who has made the move

• Newton: its March 2026 decision says it’s registered as an investment dealer in every province and territory and has been admitted as a CIRO dealer member. It had operated as a restricted dealer under decisions dating back to 2022.
• Shakepay: an April 2026 decision by Québec’s Autorité des marchés financiers says Shakepay Inc. is registered as an investment dealer and is a member of CIRO.
• Coinbase Canada: still a restricted dealer. Its April 2026 decision says CIRO advised it to re-submit its membership application, and extends its relief until the earlier of two years or the date it becomes an investment dealer and CIRO member.

Each platform’s decision is tailored to it, and the regulators say these decisions aren’t precedents for others.

What changes for you: the Newton example

An order-execution-only service

Newton’s decision says it provides order-execution-only account services as a CIRO dealer. It doesn’t give recommendations or advice, doesn’t manage accounts on a discretionary basis, and doesn’t check the suitability of each trade. Instead, it assesses whether crypto trading is appropriate for you before opening your account, and sets a client limit.

To open an account, an individual must be a Canadian citizen or permanent resident and 18 or older.

Purchase limits in tiers

This is the most visible change. In the restricted dealer decisions for Crypto.com (2025) and Coinbase (2026), the cap on net purchases of most coins is a flat $30,000 over 12 months. Newton’s decision sets an investment limit in three tiers, measured as net acquisition cost over the preceding 12 months:

The decision defines these categories:

• Eligible crypto investor: net assets above $400,000 (alone or with a spouse), or net income before tax above $75,000 in each of the last two years, or above $125,000 with a spouse, in each case expecting the same this year.
• Accredited crypto investor: among other tests, financial assets and crypto worth more than $1,000,000 net, alone or with a spouse; net income before tax above $200,000 in each of the last two years, or $300,000 with a spouse, expecting the same this year; or net assets of at least $5,000,000.

Some things don’t change. The limit doesn’t apply to specified crypto assets, which in Newton’s decision are bitcoin, ether, litecoin, bitcoin cash, Solana and qualifying stablecoins. And it doesn’t apply to residents of Alberta, British Columbia, Manitoba, Québec and Saskatchewan, or to permitted clients.

CIPF membership, but not for crypto

Newton’s decision says it’s a CIPF member firm, but the crypto it holds in custody doesn’t qualify for CIPF coverage. Its risk statement must say there’s no CIPF coverage for the crypto, and you must confirm you’ve read and understood it before opening an account.

CIPF’s own coverage page explains why this matters. CIPF protects property, such as cash and securities, that a member firm holds for you and doesn’t return if it becomes insolvent, generally up to $1 million for all general accounts combined, with separate limits for registered accounts. It lists crypto assets as excluded, and it never covers a fall in the value of your investments. See is your crypto insured?

No leverage without CIRO’s consent

Newton won’t extend margin, credit or other leverage for crypto trading, except in accordance with CIRO rules and with CIRO’s prior written consent. It also won’t offer crypto derivatives other than the crypto contracts themselves. For comparison, Crypto.com’s 2025 restricted dealer decision says that platform won’t extend margin, credit or other leverage at all.

How your crypto is held

The decision says Newton holds clients’ crypto in trust for them, separate from its own assets and from its custodians’ assets, and that it’s not permitted to pledge, rehypothecate or otherwise use clients’ crypto. Most of it is held with custodians that are regulated trust banks or trust companies, have independent SOC 2 audit reports and carry insurance against hacks, key theft and insider theft.

Other details

• Staking: unless the regulator consents otherwise, offered only for crypto on proof-of-stake blockchains, and Newton doesn’t act as a validator itself without CIRO’s written consent. See what is crypto staking?
• Large orders: an affiliate runs an over-the-counter desk for orders of at least C$30,000, delivering the crypto straight to a wallet you control.
• Time limit: the decision expires four years after it was made.

Restricted dealer and investment dealer compared

What it means for you

• Read your platform’s decision. It sets your limits and protections, and it’s published by the securities regulators.
• Don’t assume CIPF covers your coins. CIRO membership brings CIPF membership, but crypto is excluded.
• Expect more questions about your finances. Under a tiered limit, higher caps depend on your income or assets.
• Know where to complain. See how to complain about a crypto company, and check registration first with how to check if a crypto exchange is registered.
• Tax doesn’t change. Whatever the platform’s category, selling or swapping crypto is generally a disposition for the CRA. See crypto tax in Canada.