June 1, 2020 - CatalX Exchange Inc. is pleased to announce that it is now registered with FINTRAC as a Money Service Business in Canada dealing in Virtual Currency.

The regulations imposed by FINTRAC today, are helping to create a financial climate in which Cryptocurrency Exchanges are becoming part of the mainstream financial architecture. Prior to today, being compliant to these regulations was on a voluntary basis, but at CatalX Exchange Inc, we have always been compliant to these regulations, so nothing has changed for us.

In accordance to the PCMLTFA (Proceeds of Crime (Money Laundering) and Terrorist Financing Act), all suspicious transactions, and large cash transactions (exceeding $10K in a 24hr period) will be reported to FINTRAC as required.

FAQ

Q1. What does this mean for our users?

Nothing. CatalX has always been compliant to FINTRAC regulations, therefore these changes will not affect our users in any way.

Q2. Do I need to do anything differently?

No, you can continue using the site, as you do, it is business as usual.

Q3. Will my registration documentation be re-evaluated?

As mentioned above, CatalX has always been compliant with FINTRAC regulations, therefore, we will not be re-evaluating approved users of our site.

Q4. Will my personal information be shared with the Government?

No, your personal information and privacy are of the utmost importance to us at CatalX, therefore no information will be shared with anyone, without your knowledge.

Q5. Will you be monitoring my transactions?

CatalX will not be doing anything that we do not already do.

As a registered MSB dealing in Virtual Currency, it is our duty to report any activity, as noted above, in accordance with the PCMLTFA, to FINTRAC.

Should you have any further questions or concerns, please do not hesitate to reach out to us, via email.

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