Kraken, a U.S.-based crypto exchange, is staying in Canada and abiding the stricter rules laid out by the Canadian Securities Administrators (CSA). In a press release on Thursday, Kraken declared that they have filed a pre-registration undertaking with the Ontario Securities Commission, with their motive of becoming a registered Restricted Dealer across Canada.

Since 2019, Kraken has been a money services business in Canada with the Financial Transactions and Reports Analysis Centre (FINTRAC). Kraken also has over 250 team members based in Canada. As for the exchange's commitment to staying in Canada, Kraken COO and incoming CEO David Ripley said, “Canada as a geography is critical to our mission to empower people with new ways to connect and transact.”

The updated framework declared on February 22nd tightens the reins of margin trading, re-hypothecation, and certain trades that include proprietary tokens or stablecoins. The framework mandates the isolation of assets that are being held in custody. To adhere to the new framework, Kraken will make certain changes to their services provided to Canada. To keep their clients in-the-loop, Kraken notified that they will deliver prior warnings regarding any changes that could affect their trading experiences.

Several other cryptocurrency exchanges, including OKX, Deribit, and Blockchain.com, exited the Canadian market due to the new regulations, while Kraken pushes forward towards offering greater compliance with the amended set of regulations. Through the decade, the exchange has served the Canadian market and is looking forward to offering a better trading experience to the Canadian public.



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