Amid Stricter Regulations, Kraken to Stay in Canada

March 31, 2023

MCP News Free

Amid Stricter Regulations, Kraken to Stay in Canada

Canadian financial regulators recently introduced a new legal framework guiding the operations of cryptocurrency firms in the country, this, of course, has made it more difficult for crypto firms to operate in the country and firms like OKX, and Blockchain.com amongst others in response suspended operations in the country.

Kraken to Remain in Canada

While other crypto firms are suspending operations in Canada due to a new legal framework by Canadian regulators, the Kraken exchange is looking to stay.

The decision to stay in Canada was revealed in a Thursday blog post by Kraken exchange, and according to the post, the exchange has filed a pre-registration undertaking (PRU) with the Ontario financial watchdog.

“This PRU is a step on the road to becoming registered as a Restricted Dealer across Canada and demonstrates our commitment to following the Canadian Securities Administrators’ recently enhanced investor protection guidance for crypto exchanges,” Kraken noted in the blog post.

Kraken exchange which boasts of hiring up to 250 Canadians is fast becoming a major player in Canadian and the entire crypto market, the exchange is however one of the active players in the country, supporting CAD spot pairs and its 24/7 support offered tailored assistance for Canadian investor and traders looking for a safe exchange to trade and invest.

“By signing this PRU, we are signaling our commitment to Canadian clients as a long term partner,” Kraken concluded in the blog post.

Deribit left Canada after the release and implementation of new regulations, Binance may as well leave the Canadian market and Coinbase is reportedly looking to stay.

Canada’s new legal framework requires crypto firms more effort to obtain regulatory approval in the country.

Be a beneficiary of the Paradise Team crypto trading skills on Bybit, Kucoin, and Binance exchanges today by using PRO20% for your special 20% discount, however, it is important to know that this promo code expires soon. We share at least 3 of our best crypto trading signals with ParadiseFamilyVIP on a daily basis. Click here to see reviews from our clients.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.