One of the Few Canadian Bitcoin Exchanges is Closing

LibertyBit, a bitcoin exchange registered in Canada has announced its temporary closure.

According to letter sent to customers by Founder and CEO Paul Szczesny, the company has decided to temporarily suspend operations due to bank account closure and a surge of fraudulent transactions. 

These circumstances make it infeasible to continue operating the service without significant changes to our transfer system and identification measures. We feel it is our responsibility to pause operations now rather than risk any customer funds becoming vulnerable. We will be working in the coming weeks with partners and our legal counsel to overcome these obstacles and implement new measures to prevent these types of setbacks in the future. 

LibertyBit accepted transactions in both US and Canadian dollars and used the Interac e-Transfer system to allow funds to be transferred by email. LibertyBit supported both deposits and withdrawals via the Interac e-Transfer in contrast to the other Canadian exchange, Virtex, who only offers withdrawals by this manner.