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Coinbase and Kraken Reaffirm Plans to Stay Operational in Canada Amidst Changing Regulatory Landscape

CryptoSlate | Mike Dalton | Mar 30, 2023

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Crypto exchanges Coinbase and Kraken have stated that they plan to continue operating in Canada

  • Coinbase said in a March 30 blog post that Coinbase Canada has signed an enhanced pre-registration undertaking with Canadian securities regulators. The company added that its Canadian presence is part of its international expansion efforts.
    • They created a “tech hub” in Canada with more than 200 engineers and said that its global team will visit Canada on a regular basis.
    • They hired Lucas Matheson, a former Senior Director of Operations at Shopify, to direct Coinbase’s Canadian operations from Ottawa.
    • Coinbase is currently locked in a dispute with U.S. Securities regulators, which have sent the firm a Wells notice in advance of possible legal action.

See:  Canadian Securities Regulators Publish Enhanced Investor Protection Expectations of Crypto Trading Platforms

  • Kraken also said it has filed a pre-registration undertaking with Canada’s Ontario Securities Commission (OSC) and aims to become a registered Restricted Dealer in the country.
    • COO David Ripley called Canada a region that is “critical to [Kraken’s] mission.” The company emphasized its local presence by stating that it has served Canadian users for over ten years and has more than 250 employees in the country.
    • They will make “certain changes” to the services that it offers in Canada in order to remain in line with the new rules.  Under the new rules, exchanges must segregate crypto assets held by Canadian users and refrain from offering certain services.
  • However Blockchain.com has stated on its website that it will suspend Canadian custodial and exchange services. OKX has also told users that it will discontinue Canadian services.

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