Coinbase has received a registration license in Canada, allowing it to operate legally in the country under the Canadian Securities Administrators. The company had filed a pre-registration undertaking in March 2023 and officially launched in August of the same year. This move comes as Canada introduced new guidelines for crypto exchanges, leading Binance to quit its activity in the country. Coinbase is now the first international crypto exchange to receive restricted dealer registration in Canada, positioning itself to help millions of Canadians access the digital economy.
The regulatory environment in Canada has been more favorable for crypto platforms compared to the U.S., where Coinbase has faced backlash from the Securities and Exchange Commission over securities law violations. The country launched the first spot bitcoin exchange-traded fund globally before the U.S., indicating a more accommodating stance towards cryptocurrencies. Coinbase’s CEO Brian Armstrong visited Canada in November 2023 to meet with the local team and engage with the tech community, which includes companies like Shopify and Cohere. The company has a tech hub in Canada with nearly 200 full-time employees.
Coinbase’s country director for Canada, Lucas Matheson, highlighted the sizable market opportunity in the country, noting that Canadians are highly educated and technology-savvy. With its registration in Canada, Coinbase aims to leverage its strong customer base and commitment to compliance to help more Canadians access the digital economy. The company’s “Go Broad, Go Deep” strategy, launched in 2022, focuses on expanding globally and obtaining local licenses in key international markets. Coinbase has also selected Ireland as its primary regulatory base in the European Union and received approvals in various other countries.
The registration in Canada is a significant win for Coinbase as it continues its global expansion efforts and seeks to sway regulators in various markets. With approvals in multiple countries, including France, Spain, Singapore, Italy, and the Netherlands, the company is positioning itself as a trusted and compliant platform for customers worldwide. Coinbase’s success in obtaining registration in Canada is a testament to its proactive approach to engaging with regulators and building strong relationships in key markets. The company’s presence in Canada, alongside its existing operations in other countries, demonstrates its commitment to serving a global customer base and adhering to regulatory requirements.
