Coinbase, Kraken plan to continue operating in Canada as regulatory rules change

Coinbase, Kraken plan to continue operating in Canada as regulatory rules change

Mar. 30, 2023

By Mike Dalton

Kraken and Coinbase are among the first exchanges to officially declare their intent to remain in Canada.

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

Coinbase says it will serve Canadians

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. Coinbase said it has created a “tech hub” in Canada with more than 200 engineers and said that its global team will visit Canada on a regular basis.

Coinbase also said that it has hired Lucas Matheson, a former Senior Director of Operations at Shopify, to direct Coinbase’s Canadian operations from Ottawa.

The company’s announcement implied that its interactions with Canadian regulators were favorable. Its various statements suggest that the country’s regulatory framework provides clarity, permits innovation, and protects consumers.

By contrast, 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.