Coinbase Plans to Get Licensed in Canada

Coinbase is in negotiations with Canadian regulators to gain a license in order to continue their operations within the country, according to CoinDesk’s sources.

Elliott Suthers, Coinbase’s director of communications, has stated that the company is “focused on the local market as a key component of our international strategy.”

Sources close to the publication have also suggested that Binance is likely to leave Canada. Representatives from Coinbase stated that they “have not yet decided on the final plans” and are “actively cooperating with regulators,” while Deribit and Blockchain.com have already announced that they are withdrawing from the Canadian market and Crypto.com plans to remain.

The increased regulation of the crypto market in Canada has prompted these exchanges to plan ahead. In December 2022, the Canadian Securities Administrators (CSA) warned of further tightening of the regulations following the collapse of FTX.