Kraken, one of the
longest-running cryptocurrency exchanges in the industry, has filed a pre-registration
with the Canada’s Ontario Securities Commission (OSC). The move is part of the
US-based digital asset firm’s efforts to become a registered Restricted Dealer
across all regions in Canada.
The cryptocurrency exchange
announced the development in a statement shared with Finance Magnates on
Thursday. It noted that it took to the action in order “to comply with the
Canadian Securities Administrators’ recently enhanced investor protection
guidance.”
Oh, Canada! We’ve got news 🇨🇦
Kraken users will be happy to learn that we have taken the necessary steps required by regulators in order to continue operating in Canada, and to continue our mission of driving crypto adoption worldwide. 🤝
More info ➡️ https://t.co/v42rR2STPG pic.twitter.com/NEvNGMnyGL
— Kraken Exchange (@krakenfx) March 30, 2023
In June last year, OSC banned cryptocurrency exchange
KuCoin and slapped a heavy fine on
Bybit for not complying with local regulations. Both platforms were fined $1.6
million and $2.5 million, respectively.
OSC holds global crypto asset trading platforms accountable: https://t.co/TPC9mtvTRE pic.twitter.com/Nl9pGP0U3j
— OSC News (@OSC_News) June 22, 2022
The ban came over a year after
the Ontario securities watchdog warned unauthorized cryptocurrency exchanges in
the province to get in touch with the agency or face enforcement actions. In
2021, cryptocurrency exchange giant Binance exited Ontario amidst mounting regulatory scrutiny.
Keep Reading
Kraken Reaffirms Commitment to
Canada
However, Kraken on Thursday noted that the pre-registration demonstrates its “broader commitment to its
Canadian clients, the market and its global mission.”
Kraken currently offers its
Canadian customers access to over 175 digital assets and five Canadian dollar
trading pairs on its global spot market. In July 2019, the cryptocurrency
exchange registered as a money service business with the Financial Transactions and Reports
Analysis Centre of Canada.
“We want both existing and
prospective clients to know Kraken remains committed to Canada,” said Mark
Greenberg, Kraken’s Managing Director for Canada at Kraken, explaining the
reason for the digital asset’s pre-registration with the Ontario regulator.
Greenberg reiterated that Kraken
would continue to engage with local regulators to enhance understanding of
crypto’s economic benefits and transformative potential.
Kraken Faces Aftermath of US
Bank Collapse
Meanwhile, Kraken
pre-registration with OSC comes at a time the exchange is battling with the
collapse of US-based crypto-friendly banks, Silvergate Bank and Signature Bank. Last
Thursday, the digital asset firm announced that it would cease its support for
Automated Clearing House (ACH) deposits and withdrawals from 27 March
2023.
Kraken is one of the many crypto
exchanges that have been using Silvergate Exchange Network (SEN) for ACH
settlements in the US since 2019.
Saxo’s New Portal; JPX Gets into DeFi; read today’s new nuggets.
Kraken, one of the
longest-running cryptocurrency exchanges in the industry, has filed a pre-registration
with the Canada’s Ontario Securities Commission (OSC). The move is part of the
US-based digital asset firm’s efforts to become a registered Restricted Dealer
across all regions in Canada.
The cryptocurrency exchange
announced the development in a statement shared with Finance Magnates on
Thursday. It noted that it took to the action in order “to comply with the
Canadian Securities Administrators’ recently enhanced investor protection
guidance.”
Oh, Canada! We’ve got news 🇨🇦
Kraken users will be happy to learn that we have taken the necessary steps required by regulators in order to continue operating in Canada, and to continue our mission of driving crypto adoption worldwide. 🤝
More info ➡️ https://t.co/v42rR2STPG pic.twitter.com/NEvNGMnyGL
— Kraken Exchange (@krakenfx) March 30, 2023
In June last year, OSC banned cryptocurrency exchange
KuCoin and slapped a heavy fine on
Bybit for not complying with local regulations. Both platforms were fined $1.6
million and $2.5 million, respectively.
OSC holds global crypto asset trading platforms accountable: https://t.co/TPC9mtvTRE pic.twitter.com/Nl9pGP0U3j
— OSC News (@OSC_News) June 22, 2022
The ban came over a year after
the Ontario securities watchdog warned unauthorized cryptocurrency exchanges in
the province to get in touch with the agency or face enforcement actions. In
2021, cryptocurrency exchange giant Binance exited Ontario amidst mounting regulatory scrutiny.
Keep Reading
Kraken Reaffirms Commitment to
Canada
However, Kraken on Thursday noted that the pre-registration demonstrates its “broader commitment to its
Canadian clients, the market and its global mission.”
Kraken currently offers its
Canadian customers access to over 175 digital assets and five Canadian dollar
trading pairs on its global spot market. In July 2019, the cryptocurrency
exchange registered as a money service business with the Financial Transactions and Reports
Analysis Centre of Canada.
“We want both existing and
prospective clients to know Kraken remains committed to Canada,” said Mark
Greenberg, Kraken’s Managing Director for Canada at Kraken, explaining the
reason for the digital asset’s pre-registration with the Ontario regulator.
Greenberg reiterated that Kraken
would continue to engage with local regulators to enhance understanding of
crypto’s economic benefits and transformative potential.
Kraken Faces Aftermath of US
Bank Collapse
Meanwhile, Kraken
pre-registration with OSC comes at a time the exchange is battling with the
collapse of US-based crypto-friendly banks, Silvergate Bank and Signature Bank. Last
Thursday, the digital asset firm announced that it would cease its support for
Automated Clearing House (ACH) deposits and withdrawals from 27 March
2023.
Kraken is one of the many crypto
exchanges that have been using Silvergate Exchange Network (SEN) for ACH
settlements in the US since 2019.
Saxo’s New Portal; JPX Gets into DeFi; read today’s new nuggets.
