Coinbase Strengthens Stronghold In Canada With New License

Coinbase, one of the best crypto exchange in Canada, has secured a registration license in Canada amidst increasing regulatory pressures in its home market, the United States. This milestone achievement allows Coinbase to operate legally in Canada under the oversight of the Canadian Securities Administrators (CSA), having been registered in Ontario as a restricted dealer.

In light of the regulatory crackdown faced by Coinbase and other crypto firms in the US, the company’s move to obtain a Canadian license underscores its efforts to expand its operations abroad. The regulatory environment in Canada, as noted by Coinbase representatives, stands in contrast to the US, with Canada’s approach being perceived as more accommodating for crypto platforms.

Coinbase’s Efforts and Presence in Canada

Coinbase’s journey towards obtaining the Canadian license involved strategic efforts, including the filing of a pre-registration undertaking (PRU) and the subsequent official launch in August of the previous year. Lucas Matheson, Coinbase’s country director for Canada, highlighted the company’s dedicated work with regulators over the past three years to ensure compliance and build a compliant platform in Canada.

With the Canadian market offering significant opportunities, Coinbase views its registration as a critical step in facilitating access to the digital economy for millions of Canadians. The company’s presence as the first international cryptocurrency exchange registered in Canada positions it strategically to serve the tech-savvy population and tap into the country’s burgeoning crypto market.

Also Read: Coinbase CLO Backs “Crypto Mom” on SEC Engagement

Coinbase’s Global Strategy and Prospects Ahead

Coinbase’s Canadian license is part of its broader global strategy, which includes initiatives such as the “Go Broad, Go Deep” approach aimed at securing local licenses in various international markets. Despite regulatory challenges, Coinbase remains committed to expanding its footprint globally.

In addition to its presence in Canada, Coinbase’s tech hub with nearly 200 full-time employees highlights its investment in the country’s tech ecosystem. CEO Brian Armstrong’s engagement with local tech leaders further emphasizes Coinbase’s dedication to the Canadian market.

The move by Coinbase led to stupendous speculations on its native coins growth. In a recent bullish forecast, renowned analyst Oppenheimer has raised the price target for the Coinbase stock from $200 to $276. Notably, this move underscores the firm’s positive assessment of the crypto exchange’s potential.

Coinbase is optimistic about its future prospects, leveraging its strong brand and commitment to compliance to navigate regulatory landscapes worldwide. Despite regulatory hurdles, Coinbase remains focused on its mission to provide access to the digital economy for users globally.

Despite the international expansion and Bitcoin ETF inflows, COIN price fell 8% last week. Also, Cathie Wood sold 95,284 Coinbase shares worth nearly $23 million last week.

Also Read: Binance Executive’s Detention in Nigeria Extended, Tax Evasion Charges Persist