What “BREADX is not a bank” means for CAD, and who holds the funds.
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 a regulated partner, which holds CAD in bank accounts legally titled to and owned solely by that partner at a Schedule I Canadian bank.
The client instructs the programme through BREADX. Movement of CAD at rest follows the regulated partner’s accounts at a Schedule I Canadian 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.
Related: Funds & safeguarding · About