Canada Firms Hit Lawsuit Failing Disclose Crypto Trading Fees

Two trading firms in Canada are facing a class-action lawsuit after it was alleged their platforms charged millions of dollars in fees despite claiming they were commission-free.

A Globe and Mail report cites the suit claiming Wealthsimple Technologies and Shakepay Inc. generated millions of dollars in profits while deceiving customers about the actual cost of using their respective platforms.

Law firm LPC Avocat is claiming CA$10 million in damages from each organization.

Calls for a national class-action lawsuit

Joey Zukran, a lawyer with LPC Avocat, told the Globe and Mail: “I think these companies took advantage of what many have called a crypto gold rush during the pandemic.”

Through 2020 and 2021, analytics platforms noted an increased number of trades despite larger uncertainty due to COVID-19.

However, Wealthsimple spokesperson Rachael F