Coinbase said it has been registered in Ontario as a restricted dealer under the Canadian Securities Administrators.
Coinbase said it has been registered in Ontario as a restricted dealer under the Canadian Securities Administrators — an umbrella organization of Canadian securities regulators.
The crypto exchange said that this authorization means the company now meets the Canadian regulators' strict requirements for crypto assets dealings and can operate legally in the country.Last year, Canada introduced new guidelines for crypto exchanges that limit how much certain investors can invest in crypto, as well as introduce mandatory registrations for crypto firms.
"It's something we've been working on for almost three years here in Canada, and more specifically with the Ontario Securities Commission over the last 12 months," Lucas Matheson, Coinbase's country director for Canada, told CNBC. Coinbase — and the broader crypto industry — has faced a significant backlash from the U.S. Securities and Exchange Commission in a major lawsuit over securities laws violations.
Canada is home to some notable tech companies, including e-commerce giant Shopify and artificial intelligence startup Cohere. Coinbase's CEO Brian Armstrong visited the country in November 2023 to meet with the local team there and participate in a fireside chat with Shopify CEO Tobi Lutke.As the company looks to expand further globally, Matheson said he's banking on the advantage of Coinbase's status as an exchange that worked for regulator approvals before launching.
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