Kraken, Gemini, and Crypto.com also plan to continue operating in the country
The world’s largest crypto exchange, Binance, said last week that it would stop serving Canadian customers due to “new guidelines regarding stablecoins and investor limits for crypto exchanges.” But while the exchange said it will return to the country “one day”, his departure leaves a huge gap that its competitors are looking to fill.
Coinbase is one of the big players in space planning to do just that.
Coinbase, trailing Binance as the world’s No. 2 crypto exchange, is “open for business,” Nana Murugesan, VP of international and business development at the exchange, told TechCrunch+. “We’ve always focused on playing the long game.”
Overall, the Canadian cryptocurrency market is large, but far from the largest. Crypto revenue in the country is expected to reach $1.42 billion by 2023, per Statistical. And currently about 13% of Canadians own or use crypto, slightly less than the year before and 116% more than in 2021, also per Statistical.
At the end of February, the Canadian Securities Administrators (CSA) began to require crypto exchanges to sign new legally binding commitments if they were pending registration with the agency. CSA sprang into action after a number of crypto trading platforms went bankrupt, including Voyager Digital, FTX, and BlockFi.