Coinbase Aims to Stay in Canada, While Binance Looks Poised to Exit Amid Regulatory Shakeup
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
:format(jpg)/www.coindesk.com/resizer/ItRkgszFoOqrh5fc7U9BwFgNCog=/arc-photo-coindesk/arc2-prod/public/TH3RMSRO55A43EIYWV4MJAWMLY.png)
Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Coinbase is in talks with regulators about remaining in Canada, according to a person familiar with the matter, as the country tightens rules for cryptocurrency exchanges. Larger rival Binance, however, looks likely to exit.
Coinbase, which is based in the U.S., is discussing getting the appropriate license to keep doing business in Canada, according to the person, who requested anonymity.
In a statement to CoinDesk, Elliott Suthers, Coinbase’s communications director, said, “We remain as committed as ever to the Canadian market as a core component of our international road map.”
Meanwhile, a second person with knowledge of the matter, who asked to remain anonymous, said Binance will probably pull out of Canada. However, a spokesman for Binance – whose CEO, Changpeng Zhao, is a Canadian citizen – said the exchange “has not made definitive plans yet.”
Canada set a March 24 deadline for firms to commit to a tightening of rules around crypto in the country, which suffered a high-profile exchange blowup several years ago when QuadrigaCX went under. Earlier this month, OKEx announced its departure from Canada.
Crypto.com also plans to remain in Canada, a third person familiar with the matter told CoinDesk. Blockchain.com confirmed to CoinDesk that it is leaving, and Deribit has told customers it’s departing.
Kraken is expected to make an announcement on the matter soon.
The new regulatory framework, announced Feb. 22, requires the segregation of assets held in custody and tightens rules for re-hypothecation, margin trading and certain trades involving proprietary tokens or stablecoins.
Edited by Nick Baker.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
