Coinbase, a cryptocurrency exchange based in the United States, has recently acquired restricted dealer licenses in Canada as part of its global expansion efforts. This move comes as regulatory measures in the US become more stringent.
According to a report by CNBC on April 4, Coinbase has successfully obtained a new license in Canada and is now registered as a restricted dealer under the Canadian Securities Administrators (CSA). The CSA’s national registration data reveals that there are two entities related to Coinbase registered in Canada. Coinbase Incorporated is registered as a restricted dealer, while Coinbase Canada is registered as an international dealer.
Restricted dealer registration, as defined by the CSA, is a specialized type of registration for firms that do not fit into any other category. Regulatory requirements for firms with this status are established on an individual basis. On the other hand, international dealers are not permitted to trade with Canadian customers in equity or debt securities of Canadian issuers, with the exception of government issuers, according to legal intelligence source JD Supra.
Coinbase’s new authorization in Canada officially establishes the company as a legally operating cryptocurrency firm in the country. Lucas Matheson, Coinbase’s country director for Canada, reportedly stated that this achievement has been a three-year endeavor, with a particular focus on collaboration with the Ontario Securities Commission over the last 12 months.
Cointelegraph reached out to Coinbase for a comment on the new license in Canada but did not receive a response at the time of publication. As more information becomes available, this story will be updated.