Shakepay, a CIRO-registered Canadian crypto platform serving over 1.5 million users, launched bitcoin-backed loans on April 21, 2026, following an exemptive relief decision from Quebec's Autorité des marchés financiers (AMF).
Loan Terms and Features
The loans carry an APR of 9.5%, with a minimum of CAD 100 and a current maximum of CAD 50,000. No origination fees or early repayment penalties apply. Funds are deposited into the user's Shakepay or linked bank account within minutes of approval.
Collateral and Risk Management
Collateral is held in segregated cold and hot wallets by approved third-party custodians, including Coinbase Custody. At least 95% of collateral must be held by a third-party custodian when the loan-to-value ratio falls below the margin threshold. The platform monitors LTV in real time: margin calls occur at 80% LTV, and automatic liquidation is triggered at 90% LTV, with a 3% liquidation processing fee. Shakepay confirms no rehypothecation of client collateral occurs except in liquidation scenarios.
Regulatory Framework
The product is enabled by an AMF exemptive relief decision issued on April 9, 2026, granting a three-year exemption from dealer registration and prospectus requirements for Shakepay Credit Inc., with passport coverage to other Canadian provinces and territories. Loans are denominated in CAD or USD and structured as term loans or revolving lines of credit with maturities from three months to three years. Currently, only Bitcoin and Ether are accepted as collateral unless regulators approve additional assets.
Borrowers must be Canadian residents who completed KYC through Shakepay Inc. and must sign a mandatory Loan Risk Statement covering volatility, custody risks, and the absence of CIPF coverage. Loan proceeds cannot be used to purchase additional cryptocurrency, as per regulatory filings.
CEO Comments and Market Impact
CEO Jean Amiouny described bitcoin-backed loans as one of the most requested features since the company's founding. “For those who never want to sell and live on a bitcoin standard, borrowing against your bitcoin is one of the most powerful financial products available,” he wrote on X. He emphasized that borrowers avoid triggering taxable events under Canadian tax rules.
Shakepay registered as a CIRO investment dealer in January 2025. The company confirms that no client deposits are used to fund loans and that audited financials are filed with regulators. The feature is being rolled out gradually; eligible users can check their app home screen for availability. This launch brings a regulated, domestic option for Canadian bitcoin holders seeking liquidity without selling their positions, adding to offerings from Ledn and decentralized protocols.