Journalists reveal Coinbase plans to obtain a licence in Canada

Coinbase is in talks with Canadian regulators about obtaining a licence to continue operating in the country. This is reported by CoinDesk, citing informed sources.

“We are focused on the local market as a key component of our international strategy”, — said Elliot Sazer, Coinbase’s Director of Communications.

Sources told the publication that Binance is likely to exit Canada.

In interviews, company representatives said the exchange has “not yet determined final plans” and “is actively cooperating with regulators”.

Deribit and Blockchain.com’s press-office staff said the platforms were exiting the local market, Crypto.com said it plans to stay.

The world’s largest crypto exchanges are evaluating these scenarios amid tightening regulation of their activities in the country.

In December 2022, CSA warned of tightening requirements after the FTX collapse.

On February 22, regulators presented an updated regulatory framework. It includes the segregation of assets held in custody, tightening rules for re-hypothecation, margin trading and some deals involving utility tokens and stablecoins.

The CSA set 24 March as the deadline for crypto firms to obtain the corresponding licences.

OKX ceased providing services to Canadian users amid the ‘new rules’.

Earlier, the Ontario Securities Commission fined Bybit and ordered KuСoin to cease operations. Binance and Bitfinex said they would stop serving residents of the province.