Key Points
- Canada is witnessing an exodus of crypto exchanges, but not all want out.
- Coinbase is marking its “official launch” in Canada with a significant partnership.
- The Canadian expansion follows the crypto exchange’s international expansion push amid trouble in the U.S.
After FTX’s demise, Canada strengthened regulations for cryptocurrency exchanges. Coinbase has indicated a determination to endure, whereas exchanges like OKX, Binance, and Bybit have declared their exit from the market in response to these new rules.
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The company has now announced its “official launch” in the North American nation after agreeing to so-called pre-registration undertakings with the Canadian Securities Administrators in March 2023. It boasts new banking partnerships with the potential to achieve a seamless on-ramp experience for customers.
Coinbase Increases Services in Canada
On Monday, August 14, Coinbase announced that it was entering the Canadian market formally in a blog post, emphasizing the integration of Interac payment rails for Canadian users.
The cryptocurrency exchange claims that users will be able to deposit and withdraw money on the platform in Canadian dollars (CAD) with ease thanks to the recently implemented Interac payment rails.
The most often requested feature by Canadian consumers, according to Coinbase, is the Interac payment rail integration made possible by a collaboration with Peoples Trust Company, a preeminent provider of financial services in Canada.
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The cryptocurrency exchange also mentioned that Canadian consumers can access its subscription-based service Coinbase One with a 30-day free trial in addition to the new payment rails. In addition to other things, the service provides zero-fee trading, increased staking incentives, and priority customer service support.
Despite restrictions on leverage trading and stablecoin support, Coinbase has identified Canada as its next “Go Deep Market.” The country has instead been praised by the crypto exchange for having “a robust regulatory framework” and high levels of “crypto awareness.”
In light of growing regulatory uncertainties in the U.S., Coinbase’s Canadian launch is the exchange’s most recent endeavor in its international development strategy.
The International Expansion of Coinbase
With initiatives in Europe and the introduction of an international derivatives exchange incorporated in Bermuda in 2023, Coinbase sought to increase its global presence.
The exchange insists that its most recent efforts at overseas development are part of its overall strategy, but they also come at a time of increasing legal uncertainty in the US that has led to a lawsuit from the SEC and fueled rumors of a U.S. crypto exodus.
On the other hand
Kraken, which has likewise stated a commitment to the Canadian market and has witnessed a sizable increase in deposits as a result of the loss of OKX and Binance, competes with Coinbase.
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