After announcing it had launched in Canada nearly eight months ago, Coinbase announced on Thursday it has now also secured registration as a restricted dealer.
Coinbase said this makes it the first international cryptocurrency exchange to be registered in the country and the largest one to operate there. Expanding into Canada fits into Coinbase's broader plan to grow a footprint in markets outside the U.S., where it has at times faced difficulties amid scrutiny from the Securities and Exchange Commission.
In its statement, Coinbase appeared upbeat about securing the restricted dealer license. "We’ve collaborated with Canadian banks, investment advisors, and pension funds to demonstrate our dedication to facilitating their successful navigation of the evolving digital asset realm.," the company said in a blog post.
The U.S.-based cryptocurrency trading platform hired a country director for Canada roughly a year ago. Coinbase also said, citing a study it helped conduct, that nearly a third of Canadians would be more likely to buy crypto if there was more regulation. As of late last year, WonderFi controlled almost half of all the regulated exchanges operating in Canada.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.
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