US cryptocurrency trading giant Coinbase is in talks with regulators about continuing to operate in Canada as the country tightens regulations on cryptocurrency exchanges, a person familiar with the matter said. But rival Binance is likely to pull out.
According to people familiar with the matter, Coinbase is discussing obtaining the appropriate licenses to continue operating in Canada.
“We remain as committed to the Canadian market as the core of our international roadmap,” Coinbase Communications Director Elliott Suthers said in a statement to CoinDesk.
Meanwhile, another person, who requested anonymity, said Binance will probably pull out of Canada.
But a Binance spokesperson said the company has “no firm plans yet.” By the way, Binance CEO Changpong Zhao is a Canadian citizen. After the article was published, another Binance spokesperson said, “We are actively working with the (Canadian Securities Administration) for approval.”
Canada has confirmed that cryptocurrency companies operating in the country will respond to the tightening of regulations by March 24th.
Earlier this month, OKEx announced its withdrawal from Canada. Blockchain.com and Deribit also decided to withdraw. Crypto.com will continue to operate, a source told CoinDesk. Kraken plans to announce support soon.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜ Original: Coinbase Aims to Stay in Canada; Binance Could Be Poised to Exit Amid Regulatory Shakeup
Written by: Damien Martin
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