Canada is leading the way for global crypto regulation: Coinflip crypto ATM CEO

Ben Weiss, CEO and co-founder of CoinFlip, joins BNN Bloomberg for his bullish take on Bitcoin and a deep dive into regulation and his bitcoin ATM business strategy.

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>> WELL, JANUARY WAS A LANDMARK MONTH FOR THOSE IN CRYPTOCURRENCY. WE SAW THAT SPOT BITCOIN ETF APPROVED IN THE UNITED STATES AND A NUMBER OF THEM HIT THE MARKET. >> PRICES ARE HOLDING IN FOR THE MONTH OF JANUARY, BASICALLY BACK WHERE IT

STARTED AT THE BEGINNING OF THE YEAR OR NEXT GUEST HAS BET ON THE ECOSYSTEM GROWING SEEDS, PRICES MOVING HIGHER FROM HERE BEEN WAY, SAYS THE CEO AND CO-FOUNDER OF COIN FLIP AND BITCOIN ATM COMPANY STARTED IN THE U.S.. YOU’VE GOT PRESENCE, THOUGH, HERE IN

CANADA, THEN THANKS SO MUCH FOR BEING WITH ME. >> THANKS, AMBER. IT’S CREDIBLY EXCITING TIMES RIGHT NOW. THANK YOU FOR HAVING ME ON YOUR SHOW. CAN I START WITH WHAT HAPPENS AT A BITCOIN ETF, IF >> A CRYPTO VERGE AND I WALK

UP THERE, I KNOW HOW OUR REGULAR ATM WORKS, WHAT’S HAPPENING WHEN I GO STRAIGHT TO A BITCOIN ATM. >> AMBER IS REALLY NOT THAT MUCH DIFFERENT. THE NORMALLY ATM’S TO SOME EXTENT, A LOT OF WHAT YOU SEE IN CRYPTO IS ACTUALLY PARALYZE THE CURRENT

FINANCIAL SYSTEMS ON THE CURRENT FINANCIAL SYSTEM. THERE’S ATM’S IN THE CRYPTO SPACE. THERE’S ALSO ATM’S TO GIVE PEOPLE A PHYSICAL OPTION TO BUY AND SELL BIG PLAYING OTHER CRYPTOCURRENCIES CUSTOMERS. APPRECIATE IT BECAUSE IT’S PHYSICAL, IT’S TANGIBLE AS IN THEIR GROCERY

STORES AND IT MAKES CRYPTO A LITTLE MORE SIMPLE. >> OKAY, TALK TO ME ABOUT HOW THE BUSINESS HAS GROWN AND HAS IT, DOES IT ALMOST TRACK THE CHART OF BITCOIN? YOU KNOW, IN BITCOIN PRICES ARE GOING UP DC VOLUMES AND TRANSACTIONS GOING

AND WHEN IT FALLS BACK TO YOU SEE IT PULL BACK AS WELL. >> SO WE OPERATE IN 9 COUNTRIES NOW, INCLUDING CANADA. AND TALK TO CANADA SPECIFICALLY. WE’VE SEEN IN 2023 300% INCREASE IN USERS AT THE CHAOS. SOME OF THAT IS

JUST MORE PEOPLE BEING AWARE. YOU HAVE A LOT OF NEWS LIKE THE ETF, BUT RICE’S DON’T IMPACT ATM’S. I DIRECTLY THAT MUCH OBVIOUSLY WHEN YOU HAVE NEWS, LIKE THE ETSU HAVE PRICES GOING UP, THERE’S MORE AWARENESS, RIGHT? SOME MORE

PEOPLE KNOW ABOUT IT, BUT ALSO OF CUSTOMERS SEE PRICES GOING UP TO MY WAY TO BUY BITCOIN TO A GOES DOWN. SO IT’S, IT’S GOOD FOR THE BUSINESS THAT IT’S ACTULLY NOT TOO TIED FOR TO THE PRICE BECAUSE IT MAKES IT MORE STABLE.

>> AND YOU MENTIONED YOUR IN ALL OF THESE COUNTRIES AROUND THE WORLD DUE TO THAT DIFFERENT REGULATIONS, THEN OR LACK TO CONTEND WITH FOR THOSE COUNTRIES THAT ARE STILL WORKING ON THEIR REGULATIONS. HOW WOULD YOU GRADE THE CLARITY THAT YOU GET IN THE

CANADIAN MARKETS RELATIVE TO OTHERS. >> WELL, ONE OF THE INTERESTING THINGS ABOUT BUILDING A GLOBAL BUSINESSES HAS ACTUALLY HYPER-LOCAL, ESPECIALLY HAVING PHYSICAL LOCATIONS. SO YOU HAVE TO COMPLY WITH ALL THE COMPLIANCE REGULATIONS OF EACH COUNTRY IN THE ACTUALLY AHEAD OF THE

CURVE IN MANY FINTRAC AS WELL AS SOME OF THE SECURITIES REGULATIONS IN CANADA. I THINK CANADA HAS A REPUTATION OF BEING FAIR AND THERE AND PROTECTING CONSUMERS. BUT THE GOOD THING ABOUT CANADA IS THERE’S A CLARITY THEY’VE TALL BITCOIN COMPANIES. HEY, THIS

IS WHAT WE EXPECT OF ON. THIS IS BY YOU NEED TO DO FOR REPORTING REQUIREMENTS AND YOU HAVE A CLARITY IN CANADA THAT YOU KNOW, IN THE U.S., YOU HAVE MORE A REGULATORY UNCERTAINTY. SO I THINK THERE IS AN APPRECIATION THAT CANADA

KIND OF HAS OF RULES OF THE LAID OUT THERE FOR ENTREPRENEURS TO FOLLOW TRACKING. THINK ABOUT EITHER MOVING BEYOND CHAOS OR EVEN MOVING BEYOND BITCOIN AS MORE AND MORE HIT THE MAINSTREAM. >> SO WE HAVE THAT WE HAVEN’T SO THAT’S THE SAME WHITE GLOVE

SERVICE. BUT CUSTOMERS CAN SAID ON THE PHONE IN PLACE, AN ORDER VIA WIRE TRANSFER. WE HAVE THAT IN THE U.S. AND WE WILL BE ROLLING THAT OUT CANADA SHORTLY. SO THE WHOLE POINT OF COIN FLIP AS WE’RE TRYING TO MEET THE CUSTOMER

WHERE THEY ARE, WHETHER IT’S PHYSICAL LOCATIONS OR DIGITAL, IT’S REALLY NO DIFFERENT THAN THE NORMAL FINANCIAL SYSTEM YOU HAVE ONLINE BANKING, BUT YOU CAN WALK INTO A BRANCH, YOU CAN USE AN ATM. AND I JUST THINK IT’S SO IMPORTANT THAT THE CRYPTO INDUSTRY BILLS,

THOSE SAME PARALLELS FOR ACCESS, JUST LIKE IN THE NORMAL FINANCIAL SYSTEM. AND NOW WE HAVE THE ETS 2 FOR CRYPTO. IT’S