- Coinbase has scored a big win in Canada.
- The company became the first international exchange to secure such a win in Canada.
- The win came after “nearly three years” of collaboration with local regulators.
Crypto exchange Coinbase has secured a registration license in Canada in a seemingly strategic move to fortify its presence overseas as regulatory pressure piles in the U.S. domestic market.
The licensing comes after Coinbase filed a pre-registration undertaking (PRU) with the Ontario Securities Commission in March 2023 and subsequently launched in Canada in August of that year.
Coinbase Wins Canada’s Restricted Dealer License
According to a Thursday CNBC report, Coinbase has registered as a restricted dealer under the Canadian Securities Administrators (CSA). CSA is an umbrella organization of Canada’s provincial and regional securities regulators.
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The license authorizes Coinbase to offer legal crypto exchange services in the country via a compliant platform that meets Canadian regulators’ strict requirements for digital asset dealings introduced last year.
Coinbase’s country director for Canada, Lucas Matheson, lauded the achievement and stressed that it was an important milestone for the exchange.
“Our registration in Canada makes us the first international and largest cryptocurrency exchange that’s registered in Canada. That positions us really well to help millions of Canadians access the digital economy.” Matheson stated.
The registration marks the latest win for Coinbase, which has also secured individual approvals in Italy, Singapore, France, Spain, Ireland, and the Netherlands.
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While the exchange chose Ireland as its regulatory base last year, its 2022 “Go Broad, Go Deep” strategy seems to work well following today’s development and other recent wins. The company will likely fill for and acquire more local licenses in various international markets to seize opportunities in jurisdictions offering regulatory clarity.
Read the latest development in the SEC’s lawsuit against Coinbase:
Coinbase Loses SEC Case Dismissal Bid: How Big Is the Blow?
Stay updated on the launch of the SAGA token on Binance:
Saga (SAGA) Debuts on Binance as Its 51st Launchpool Project
