Balance Introduces Balance Compliance for Canadian ESMs Trading in Virtual Currency

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TORONTO — Balance, Canada’s largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution that streamlines regulatory compliance for FINTRAC reporting entities that trade in virtual currency, such as service businesses monetary (ESM).

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Balance, Canada’s largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution that streamlines regulatory compliance for FINTRAC reporting entities that process virtual currencies such as money services businesses ( ESM).

Balance Compliance is the result of over 18 months of work and enables Balance Custody clients who are FINTRAC reporting entities to perform the following transactions on the platform:

  • designate default originators (i.e. drivers) and beneficiaries on digital wallets as well as external accounts to streamline compliance workflows;
  • submit third party large deposit information and automatically submit Large Virtual Currency Transaction Reports (LVCTR);
  • comply with sanctions policies through our integration with Chainalysis, a leading blockchain data platform;
  • comply with travel rule requirements through our integration with industry-leading Travel Rule Universal Solution Technology (TRUST);
  • export large virtual currency transaction (LVCT) records and virtual currency transfer records equivalent to $1,000 or more in a standardized format.

“The regulatory burden for Canadian companies entering space in 2022 is significant. Depending on the business model, you could be looking at costs in excess of $100,000 for the development of the LVCTR reporting system alone. For early-stage startups, these costs tend to be prohibitive, creating a barrier to entry and slowing down innovation. We are happy to provide a solution where submitting LVCTRs is as simple as delegating Libra as your service provider in FINTRAC’s online reporting.– Nuno Silva, Product Manager

« Given FINTRAC’s recent withdrawal from its position in merchant services and payment processing, some virtual currency payment providers and crowdfunding platforms are now required to register as an MSB. For a large majority of them, this new additional cost of compliance results in a negative unit economy. This must not be the case. On a large scale, these costs mix for us. Come leverage our platform for compliance peace of mind and focus on the heart and mind of your business instead. – George Bordianu, Managing Director

Libra successfully serves crypto, OTC, and prop exchanges. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, legal entities and foundations. To learn more, visit

Press release of July 20, 2022

Further to the press release issued on July 20, 2022, Libra would like to clarify that Libra itself is not a « qualified custodian » as that term is defined under applicable securities laws and that cryptocurrency platforms trading that are authorized by the securities authorities in Canada are expected to use qualified depositories, absent any discretionary waivers that may be granted by such regulatory authorities.

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PARADISO VENTURES INC. O/A Balance is a private company incorporated under the laws of the Canada Business Corporations Act, RSC, 1985, c. C-44, headquartered at 325 Front St W, 4th floor (Attn: Balance), M5V 2Y1, Toronto, Ontario, Canada, which sells digital goods and services. This is not an offer or solicitation of an investment or financial security contract and should not be construed as such. Digital assets and blockchain are early technologies and as such carry a high degree of risk. Libra cannot and does not offer financial or investment advice. For informational purposes only.

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Dustin Plett
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