Pre-Registration Undertakings
Certain unregistered crypto asset trading platforms have filed an enhanced pre-registration undertaking (PRU) with their principal regulator to continue operations while their applications for registration and related relief are reviewed. Regulators have completed a review of some of the filings.
Filing a PRU does not mean a platform will be granted registration. However, PRUs contain important investor protection commitments from unregistered crypto asset trading platforms. These commitments are generally consistent with the requirements currently applicable to registered platforms.
During this interim period the PRUs may be revised pending registration. In addition, the terms and conditions of registration or exemptive relief related to registration may be different from the terms of the PRU.
The PRUs for the following CTPs have been reviewed.
DigiFinex Canada Limited et al operating as DigiFinex
Crypto Asset Trading Platform
Pre-Registration Undertaking (March 24, 2023)
Satstreet Inc.*
Crypto Asset Trading Platform
Pre-Registration Undertaking (March 24, 2023) (Expired)*Satstreet Inc.’s Pre-Registration Activities Undertaking has expired as of May 1, 2025. Satstreet Inc. is not registered, and has requested an opportunity to be heard in respect of its registration application, which is currently before the Director.
Uphold Worldwide Ltd. et al operating as Uphold
Crypto Asset Trading Platform
Pre-Registration Undertaking (March 27, 2023) [Notice of withdrawal delivered pursuant to s. 17 of the PRU on May 29, 2025]
Last refreshed on September 18, 2025
Value-Referenced Crypto Assets (VRCAs) Issuer Undertakings
Certain issuers of VRCAs have provided an undertaking to the CSA as contemplated by the CSA’s interim approach to VRCAs. These undertakings can be found below.
The CSA reminds Canadians that holding a VRCA or a crypto contract with a crypto asset trading platform (CTP) does not offer the protections generally afforded to holding regulated deposits and all crypto assets, including any VRCAs, carry risk, and are not the same as fiat currency (such as the Canadian dollar, the U.S. dollar or the Euro).
Even if the issuer of a VRCA has provided an undertaking to the CSA, it does not mean the CSA approves or endorses the VRCA, endorses its safety, or that the issuer or the VRCA is compliant with Canadian securities laws. Any CTP that makes a VRCA available to clients is responsible for complying with its know-your-product and other obligations, including verifying that the issuer is in compliance with any publicly-verifiable provisions of its undertaking to the CSA (e.g., any disclosure obligations) and that the VRCA is in compliance with any applicable terms and conditions to which the CTP is subject.
Investors should consult the list of platforms that are registered with the CSA and learn the fundamentals of crypto assets before investing. While regulatory oversight plays an important role in investor protection, these measures cannot eliminate all risks associated with trading in crypto assets.
Circle Internet Financial, LLC – USDC
Undertaking ( December 3, 2024)
List refreshed on December 4, 2024.
The CSA reminds Canadians that trading in crypto assets comes with elevated levels of risk and may not be suitable for many investors, particularly retail investors. Generally speaking, trading crypto assets is a speculative activity, and the value and liquidity of crypto assets are highly volatile.
Investors should consult the list of platforms that are registered with the CSA and learn the fundamentals of crypto assets before investing. While regulatory oversight plays an important role in investor protection, these measures cannot eliminate all risks associated with trading in crypto assets.