The massive bid of Coinbase in Canada which started last year now reached "Restricted Dealer" status, with its Canadian operations said to be the second-biggest of the company next to the US. In Canada's case, Coinbase's crypto exchange is now the biggest platform registered in the country, with the company doing so despite its massive scrutiny in the US.
It also follows the new policies for cryptocurrency in Canada, as set up by the Canadian Securities Administrators and signed by the Ontario Securities Commission.
Coinbase Gets 'Restricted Dealer' Status in Canada
(Photo : CHRIS DELMAS/AFP via Getty Images)
"This is a significant milestone in Coinbase's journey in Canada," said Lucas Matheson, CEO, of Coinbase Canada. "We're excited to continue working with stakeholders across Canada to accelerate the adoption of digital assets, foster economic empowerment, and reshape the financial system."
With this status, Coinbase upholds following its laws, sharing its beliefs regarding centralized crypto intermediaries to be under the regulation process.
Read Also: Coinbase Reports 11% Stock Increase, Bullish Returns in the Crypto Market in Q4 2023
Coinbase is Now Canada's Biggest Registered Crypto Exchange
The goal of the US-based company is to grow and offer more opportunities for the cryptocurrency market in Canada, to thrive in the future.
To date, Coinbase is hailed as the largest cryptocurrency exchange in the Great North, one that adheres to its laws and is regulated by the CSA.
Coin base's US Scrutiny and Global Operations
Coinbase has long faced US scrutiny and lawsuits, particularly with the Securities and Exchange Commission (SEC) for its operations in the country. In one fight, the SEC alerted the US-based crypto exchange about a possible lawsuit behind the newly launched service in 2021, Coinbase Lend, particularly as it was not registered as a 'security,' which the company disputed.
In 2023, there were significant run-ins between Coinbase and the SEC, with one centering on a Wells Notice, as revealed by the company's SEC filing, regarding potential violations of protecting investors.
On the other hand, the massive crypto exchange crackdown of the SEC which targeted both Binance and Coinbase was launched last year.
Coinbase has since gone against the SEC over their lack of response regarding the crypto industry regulation, despite pushing for regulation against the company.
The US has looked closely at Coinbase's status in Canada, under its new crypto policy, to which it was given a restricted dealer status, now operating as the largest crypto exchange in the Great North.
Related Article: Federal Judge Rules SEC Lawsuit Against Coinbase Will Proceed
