The FMA reports two-thirds of the investment fraud reports filed in 2020 were related to cryptocurrency and digital currency trading products.
This is the second bitcoin ETF approved to trade in Canada.
Geely will own 80% of the venture while Concordium will own the rest.
Gates has previously criticized cryptocurrencies and said he'd short bitcoin "if there was an easy way to do it."
Banks had feared being drained of liquidity under the original concept for the digital currency.
A new tie-up with payments firm Klarna brings the exchange access to more than 5,000 banks across Europe.