Crypto Exchanges
By Sydney TheCMO
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What the Insurance Rules Actually Require. Webull still has to carry insurance on crypto assets. Full stop.
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CIRO Keeps the Power to Pull the Plug. The regulator hasn't walked away from oversight here.
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Webull Canada Crypto Limited is now a Dealer Member of the Canadian Investment Regulatory Organization.
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The membership didn't come alone. CIRO simultaneously handed Webull a set of exemptions from specific insurance-related rules that normally apply to registered dealers.
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Webull still has to carry insurance on crypto assets. Full stop. The exemptions don't let the firm walk away from coverage — they reshape how that coverage works.
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The financial mechanics get more specific from there. Any deductibles tied to these insurance arrangements feed directly into Webull's risk-adjusted capital calculations.
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Audit requirements round out the picture. Webull must regularly review independent SOC 2 Type 2 audit reports from its custodians.
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The regulator hasn't walked away from oversight here. CIRO keeps full authority to revoke these exemptions.
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More context: 265 Crypto Firms Secure MiCA Approval as EU Deadline Looms
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That's a meaningful lever. Crypto-focused firms operating under dealer registrations in Canada face a regulatory environment that's been tightening, not loosening.
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Canada's approach to crypto regulation has generally favored registration and disclosure over outright restriction.
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Coinbase Custody Trust Company LLC's role here is worth noting. It's a regulated trust company in the United States, and its involvement as an external custodian gives CIRO some…
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Webull's Canadian operations cover both traditional securities and crypto. The CIRO membership covers the investment dealer side broadly, but the insurance exemptions are carved…
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Related: France Mandates Post-Quantum Shift as Crypto Faces Overhaul
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The trust account requirement is probably the sharpest operational condition in the whole arrangement.
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