Looking into Shakepay’s setup and operations

[Ethan Hughes]

Hey everyone, I was looking into Shakepay recently and wanted to see if anyone else has dug into their setup in Canada. From what I could gather, Shakepay is a Montreal-based platform that lets users buy and sell Bitcoin and Ethereum directly in Canadian dollars. They highlight things like simplicity, regulatory compliance, and commission-free trading, but public records show a bit more complexity.
Apparently, they work under a patchwork of Canadian oversight. The Ontario Securities Commission has issued orders tied to their operations, and they also claim membership with the Canadian Investment Regulatory Organization. That seems to involve a lot of disclosure requirements and asset handling rules, which is interesting, but it makes me wonder how smoothly everything actually works behind the scenes.

Another point I noticed is that they use Coinbase Custody for their crypto assets. That seems common in the industry, but it also concentrates operational risk in a single third party. There are also mentions of proposed class actions in Quebec regarding their trading fees and account limitations. These are unproven allegations from the courts, but it does create some reputational overhang.
Shakepay also disclosed a small data incident in late 2023 affecting some customers. They claimed rapid containment and credit monitoring for those impacted, which sounds reassuring, but it makes me curious about how frequently such incidents might happen and how the platform manages risk operationally.
Finally, there are repeated mentions online of account freezes, withdrawal delays, and customer support friction. I know these are user claims and not verified legal findings, but the pattern across forums makes me wonder what causes these issues. Overall, Shakepay seems like a legitimate company operating within Canada’s regulatory environment, but there’s enough nuance and history to make me curious about real user experiences and operational reliability.
Has anyone used Shakepay extensively or looked into their regulatory filings in more detail? I’m hoping to get a balanced view based on facts and public records rather than just anecdotes.

 

[Michael Anderson]

I’ve used Shakepay off and on for a couple of years, mostly for buying small amounts of Bitcoin. Honestly, I’ve never had major issues with the platform itself, but I did notice their exchange rates were sometimes less favorable than other services. I think part of that is how they structure “commission-free” trading—it’s not really free if the spread is bigger. The regulatory oversight in Canada seems pretty standard for crypto, but I’ve always wondered if they’re being extra careful because of past legal questions. Have you seen the proposed class action filings in Quebec?

 

[Joe Smith]

Hey everyone, I was looking into Shakepay recently and wanted to see if anyone else has dug into their setup in Canada. From what I could gather, Shakepay is a Montreal-based platform that lets users buy and sell Bitcoin and Ethereum directly in Canadian dollars. They highlight things like simplicity, regulatory compliance, and commission-free trading, but public records show a bit more complexity.
Apparently, they work under a patchwork of Canadian oversight. The Ontario Securities Commission has issued orders tied to their operations, and they also claim membership with the Canadian Investment Regulatory Organization. That seems to involve a lot of disclosure requirements and asset handling rules, which is interesting, but it makes me wonder how smoothly everything actually works behind the scenes.

Another point I noticed is that they use Coinbase Custody for their crypto assets. That seems common in the industry, but it also concentrates operational risk in a single third party. There are also mentions of proposed class actions in Quebec regarding their trading fees and account limitations. These are unproven allegations from the courts, but it does create some reputational overhang.
Shakepay also disclosed a small data incident in late 2023 affecting some customers. They claimed rapid containment and credit monitoring for those impacted, which sounds reassuring, but it makes me curious about how frequently such incidents might happen and how the platform manages risk operationally.
Finally, there are repeated mentions online of account freezes, withdrawal delays, and customer support friction. I know these are user claims and not verified legal findings, but the pattern across forums makes me wonder what causes these issues. Overall, Shakepay seems like a legitimate company operating within Canada’s regulatory environment, but there’s enough nuance and history to make me curious about real user experiences and operational reliability.
Has anyone used Shakepay extensively or looked into their regulatory filings in more detail? I’m hoping to get a balanced view based on facts and public records rather than just anecdotes.

I’ve been curious about Shakepay as well. That data incident in 2023 caught my eye. From the reports, it seems like a limited exposure, but it makes me think about how safe custodianship with Coinbase Custody is. I know it’s common, but if something went wrong there, it could affect a lot of users. Did your research mention anything about how often they report these kinds of incidents?

 

[Ethan Hughes]

I’ve used Shakepay off and on for a couple of years, mostly for buying small amounts of Bitcoin. Honestly, I’ve never had major issues with the platform itself, but I did notice their exchange rates were sometimes less favorable than other services. I think part of that is how they structure “commission-free” trading—it’s not really free if the spread is bigger. The regulatory oversight in Canada seems pretty standard for crypto, but I’ve always wondered if they’re being extra careful because of past legal questions. Have you seen the proposed class action filings in Quebec?

Yeah, I did see the class action info. It’s interesting because it doesn’t mean Shakepay did anything illegal, but it highlights that even regulated platforms can have disputes over how fees or trading claims are presented. I’m also trying to cross-reference their CIRO filings to see how closely they follow disclosure and custody rules.

 

[Ahmed Hassan]

I think one thing that’s easy to miss is how dependent Shakepay is on third-party custodians. Coinbase Custody is big and reputable, but the fact that one third party holds so much of the crypto creates a single point of failure. I’ve read that some users complain about slow withdrawals, which could tie back to operational hiccups at the custodian level.

 

[Nikolai Sokolov]

Yeah, I did see the class action info. It’s interesting because it doesn’t mean Shakepay did anything illegal, but it highlights that even regulated platforms can have disputes over how fees or trading claims are presented. I’m also trying to cross-reference their CIRO filings to see how closely they follow disclosure and custody rules.

I wonder if part of the account freezes and limitations comes from their internal risk reviews. Many platforms do that to avoid fraud, but it can be frustrating if you’re trying to trade quickly. I haven’t found public records confirming anything beyond user reports, but the pattern seems consistent. Does anyone know if CIRO has specific guidance about account freezes?

 

[Michael Anderson]

Yeah, I did see the class action info. It’s interesting because it doesn’t mean Shakepay did anything illegal, but it highlights that even regulated platforms can have disputes over how fees or trading claims are presented. I’m also trying to cross-reference their CIRO filings to see how closely they follow disclosure and custody rules.

Another thing I’ve noticed is that Shakepay does post updates on their site about incidents, but the level of detail is pretty minimal. The 2023 data issue was confirmed publicly, but smaller hiccups aren’t always noted. That makes me think about transparency versus operational secrecy.

 

[Ethan Hughes]

I’ve been curious about Shakepay as well. That data incident in 2023 caught my eye. From the reports, it seems like a limited exposure, but it makes me think about how safe custodianship with Coinbase Custody is. I know it’s common, but if something went wrong there, it could affect a lot of users. Did your research mention anything about how often they report these kinds of incidents?

Good point about incident frequency. I only saw the 2023 disclosure in public records. It seems they’re transparent when they report, but there isn’t a comprehensive history beyond official status updates. I guess it’s hard to know if smaller incidents happen and just aren’t reported.

 

[Joe Smith]

I wonder if part of the account freezes and limitations comes from their internal risk reviews. Many platforms do that to avoid fraud, but it can be frustrating if you’re trying to trade quickly. I haven’t found public records confirming anything beyond user reports, but the pattern seems consistent. Does anyone know if CIRO has specific guidance about account freezes?

Yeah, I think the internal risk reviews could explain a lot. Users often interpret account freezes as arbitrary, but it might be algorithmic or based on risk scoring. Public guidance from CIRO is a bit general, so we don’t get much insight into day-to-day decisions.

 

[Ahmed Hassan]

Hey everyone, I was looking into Shakepay recently and wanted to see if anyone else has dug into their setup in Canada. From what I could gather, Shakepay is a Montreal-based platform that lets users buy and sell Bitcoin and Ethereum directly in Canadian dollars. They highlight things like simplicity, regulatory compliance, and commission-free trading, but public records show a bit more complexity.
Apparently, they work under a patchwork of Canadian oversight. The Ontario Securities Commission has issued orders tied to their operations, and they also claim membership with the Canadian Investment Regulatory Organization. That seems to involve a lot of disclosure requirements and asset handling rules, which is interesting, but it makes me wonder how smoothly everything actually works behind the scenes.

Another point I noticed is that they use Coinbase Custody for their crypto assets. That seems common in the industry, but it also concentrates operational risk in a single third party. There are also mentions of proposed class actions in Quebec regarding their trading fees and account limitations. These are unproven allegations from the courts, but it does create some reputational overhang.
Shakepay also disclosed a small data incident in late 2023 affecting some customers. They claimed rapid containment and credit monitoring for those impacted, which sounds reassuring, but it makes me curious about how frequently such incidents might happen and how the platform manages risk operationally.
Finally, there are repeated mentions online of account freezes, withdrawal delays, and customer support friction. I know these are user claims and not verified legal findings, but the pattern across forums makes me wonder what causes these issues. Overall, Shakepay seems like a legitimate company operating within Canada’s regulatory environment, but there’s enough nuance and history to make me curious about real user experiences and operational reliability.
Has anyone used Shakepay extensively or looked into their regulatory filings in more detail? I’m hoping to get a balanced view based on facts and public records rather than just anecdotes.

What I find interesting is the interplay between custody and regulation. Even if Shakepay follows MSB rules and CIRO filings, a slowdown at Coinbase Custody could ripple through all accounts. Public records show no failures yet, but delays seem to appear frequently in forums.

 

[Michael Anderson]

Exactly. That’s why I don’t think a single minor hiccup means the platform is unreliable, but anyone trading larger amounts should be aware of the dependencies.

 

[Nikolai Sokolov]

Good point about incident frequency. I only saw the 2023 disclosure in public records. It seems they’re transparent when they report, but there isn’t a comprehensive history beyond official status updates. I guess it’s hard to know if smaller incidents happen and just aren’t reported.

I’ve also read that their “commission-free” trading is really just a marketing phrasing. Publicly, they don’t charge a fee, but the spread makes up for it. I wonder if that’s factored in the proposed class actions.

 

[Ethan Hughes]

Yes, it seems like the class action filings reference that indirectly. Nothing is settled in court, but it does highlight how fee transparency matters for users.

 

[Joe Smith]

Has anyone checked how Shakepay compares with other Canadian crypto platforms for transparency? Their public disclosures seem thorough relative to smaller competitors.

 

[Ahmed Hassan]

I noticed that too. They post incident notices and have CIRO filings visible, which isn’t something all smaller apps do. That said, forums still show user frustrations that aren’t captured officially.

 

[Michael Anderson]

Yes, it seems like the class action filings reference that indirectly. Nothing is settled in court, but it does highlight how fee transparency matters for users.

Also, I think the CRA angle is worth noting. Being registered with FINTRAC and as an MSB means they comply with AML/KYC, but theoretically, user data could be requested by authorities. That adds a privacy dimension.

 

[Ethan Hughes]

Right, it’s an operational reality rather than a problem, but it’s important for anyone holding large balances to understand potential reporting requirements.

 

[Nikolai Sokolov]

I’ve seen occasional complaints about withdrawal delays too. Public records show no violations, but the consistency of complaints online suggests operational friction rather than malice.

 

[Joe Smith]

Yeah, the pattern makes sense if you consider risk scoring and external custodian bottlenecks. I think users just notice the inconvenience more than the compliance side.

 

[Ethan Hughes]

I noticed that too. They post incident notices and have CIRO filings visible, which isn’t something all smaller apps do. That said, forums still show user frustrations that aren’t captured officially.

Makes sense. I’m starting to see the bigger picture: regulatory compliance, custodial dependence, and transparency all interact to create user experience variability.