Coinbase Becomes First International Crypto Platform to Receive Restricted Broker License in Canada
In response to increasingly stringent regulations in the United States, Coinbase, one of the world’s leading cryptocurrency exchange platforms, is strategically expanding its international presence. The company has just obtained a restricted broker license in Canada, marking a significant milestone in its global expansion.
Our registration in Canada makes us the first international cryptocurrency exchange platform and the largest to be registered in Canada. We are well positioned to help millions of Canadians access the digital economy.
– Lucas Matheson, Director of Coinbase in Canada
Navigating New Regulatory Guidelines in Canada
Last year, Canada introduced new guidelines for cryptocurrency exchange platforms, including investment limits for certain investors and the requirement for crypto firms to register. Coinbase claims to be the first international cryptocurrency platform to receive registration as a restricted broker in Canada, under the auspices of the Canadian Securities Administrators (CSA), a group of provincial and territorial securities regulators.
Binance Leaves Canada, Coinbase Steps In
Policy changes have led Binance, the world’s largest cryptocurrency exchange by trading volumes, to cease operations in Canada, citing the impossibility of continuing to operate in the country. In contrast, Coinbase filed its pre-registration commitment in March 2023 and officially launched its operations in Canada in August of the same year.
Lucas Matheson, Coinbase’s Country Manager for Canada, highlighted the more favorable reception of crypto platforms by Canadian regulators compared to the situation in the United States. Coinbase, as well as the cryptocurrency industry as a whole, has faced significant blowback from the U.S. Securities and Exchange Commission in cases involving violations of securities laws.
An Important Market Opportunity in Canada
Matheson considers the Canadian market significant, noting a well-educated and tech-savvy population that is aware of the digital economy. Coinbase’s presence in Canada, bolstered by this new license, positions the company optimally to help millions of Canadians access the digital economy.
With a technological hub in Canada and nearly 200 full-time employees on-site, Coinbase is envisioning global expansion, leveraging its status as a company that obtained regulatory approvals prior to its launch.
This license is a recent victory for Coinbase, which has launched a global offensive to convince regulators and deepen its presence abroad, aligning with its ‘Go Broad, Go Deep’ strategy of recruiting new leaders and obtaining local licenses in various international markets.
