Coinbase, a prominent cryptocurrency exchange catering to a global audience, has officially entered the Canadian market.
This strategic step involves integrating Interac payment rails, collaborating with prominent banking and payment partners, and introducing Coinbase One – a 30-day trial that provides various benefits to Canadian users.
Coinbase is a notable cryptocurrency exchange that facilitates the purchase, sale, and management of diverse cryptocurrencies. The platform is recognized for its user-friendly interface, robust security measures, and dedication to regulatory compliance.
Having a global audience and a mission to encourage cryptocurrency adoption, Coinbase has broadened its services to encompass various offerings, such as wallet services, staking, and educational resources.
Coinbase states that the Canadian launch underscores its dedication to promoting global cryptocurrency adoption and represents a substantial advancement in its international expansion strategy.
Although it’s acknowledged for its commitment to transparency and compliance in the United States, its vision extends across borders.
Coinbase noted that its decision to focus on Canada is backed by a multitude of reasons, including the nation’s high crypto awareness ranking and its thriving local tech ecosystem.
Far back in March 2023, Coinbase appointed Lucas Matheson as the Country Director for Canada underlining its dedication to regulatory compliance and operational excellence.
Coinbase, and the US
In April, Coinbase CEO Brian Armstrong hinted at the possibility of relocating the company’s headquarters outside the US due to conflicts with the SEC.
Two months later, the Security and Exchange Commission in the US sued the exchange for breaking securities law.
In the lawsuit filed in a New York court, Coinbase was accused of integrating the roles of brokers, exchanges, and clearing agencies, which are typically distinct in traditional securities markets.
However, the company has not registered with the SEC for any of these roles, including those of a broker, national securities exchange, or clearing agency.
In its expansion beyond the US, the crypto firm acquired a license from the Bermuda Monetary Authority (BMA) to operate in Bermuda. This happened shortly after Armstrong’s statement about potential US exit. Coinbase also launched a subscription service named Coinbase One in Europe.
This step intends to expand Coinbase’s footprint beyond the US and diversify its sources of revenue, especially amidst the ongoing fluctuations in the cryptocurrency market.
