What “BREADX is not a bank” means for CAD, and which names appear on the account path.
Enterprise reviews stall when the marketing site says “not a bank” and the file does not explain who actually holds CAD. This briefing is that explanation.
BREADX PAY (BC) Limited is registered with FINTRAC as a money services business (MSB No. M24963656). Services include payment service provider, money transferring, and dealing in foreign exchange and virtual currency.
For all Canadian-dollar funds, BREADX does not hold, own or control the funds. CAD is received, held at rest and disbursed exclusively by Apaylo Finance Technology Inc. (FINTRAC MSB Registration No. M22922184). Apaylo holds CAD in bank accounts legally titled to and owned solely by Apaylo at Digital Commerce Bank, a Schedule I Canadian bank.
The client instructs the programme through BREADX. Movement of CAD at rest follows Apaylo’s accounts at Digital Commerce Bank. This is safeguarding by a regulated partner, not a BREADX deposit account and not deposit insurance at BREADX.
Non-CAD balances follow the partners named in the client programme. Ask for that path during onboarding if a corridor matters to the file.
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