April 17th, 2024

Crypto-trading platform Coinbase secures registration licence in Canada

By The Canadian Press on April 4, 2024.

Canadian regulators have cleared crypto-trading platform Coinbase to do business in the country as a restricted dealer. The Coinbase app icon is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. THE CANADIAN PRESS/AP-Matt Slocum

TORONTO – Canadian regulators have cleared crypto-trading platform Coinbase to do business in the country as a restricted dealer.

Coinbase says it means they’re the first international and largest cryptocurrency exchange to be registered in Canada.

The registration, making it 15th to reach the status, follows Coinbase’s signing on to pre-registration commitments in March 2023, and its formal launch in Canada last August.

Coinbase applauded regulators for their structured process that is helping build trust in the market, a sharp contrast to Binance which left Canada last year citing the regulatory approach.

The registration comes amid a resurgence in interest in cryptocurrencies after U.S. regulators approved the country’s first bitcoin-based exchange-traded funds in January.

The simplified method of investing in crypto helped drive an influx of capital and drove bitcoin to an all-time high of over US$73,000 in March, up from about US$25,000 in September.

This report by The Canadian Press was first published April 4, 2024.

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