In the words of Lucas Matheson, CEO of Coinbase Canada, “This is a significant milestone in Coinbase’s journey in Canada.”
Coinbase has received a Restricted Dealer license from the Canadian Securities Administrators (CSA), making it the first international exchange to register with the Canadian authorities.
According to the press release, Canada ranks as Coinbase’s third-most crypto-aware country, making it a prime location for the crypto market to thrive. Citing that Canada has the potential to emerge as a global leader in the crypto market, Coinbase claimed that the exchange will continue to work with Canadian partners to improve crypto adoption in the country.
Earlier in February 2023, the CSA published tighter guidelines for crypto platforms operating in the nation. This resulted in several firms, including Binance, Deribit, and dYdX, suspending operations in the nation.
Coinbase, on the other hand, had signed the Enhanced Pre-Registration Undertaking by March 2023. In August, Coinbase revealed its "Go Broad, Go Deep" strategy, wherein the company targeted Canada and other countries with clear crypto rules.
In line with the expansion strategy, Coinbase has taken several measures to grow in Canada over the past few months. Besides investing in Canadian tech firms, Coinbase hired 200 local employees to make Canada its largest tech hub outside of the US. Moreover, the exchange has acquired licenses in France, Spain, Singapore, Italy, and other countries besides Canada over the past year.
