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Cryptocurrency News Articles

Coinbase Dominates in Canada Despite Legal Woes with SEC

Apr 05, 2024 at 08:00 pm

Amidst legal challenges from the SEC in the US, Coinbase has made strides by registering as the first international crypto-exchange in Canada. This registration marks a milestone in Coinbase's global expansion, despite ongoing regulatory hurdles in its home market. While Binance has ceased operations in Canada due to the evolving landscape, Coinbase continues to adhere to regulations globally while battling the SEC lawsuit, highlighting the ongoing debate over crypto-regulations.

Coinbase Dominates in Canada Despite Legal Woes with SEC

Coinbase Triumphs in Canada Amidst Ongoing Legal Battles with the SEC

In a significant move that solidifies its global presence, Coinbase has become the first international crypto-exchange to register with the Canadian Securities Administrators (CSA). This development marks a major milestone for Coinbase and reflects the company's commitment to expanding its services while navigating regulatory complexities in its home market, the United States.

Despite facing legal challenges from the U.S. Securities and Exchange Commission (SEC), Coinbase has demonstrated its resilience and adaptability by securing this registration in Canada. The CSA's approval underlines the company's dedication to adhering to regulatory standards and operating with transparency in international markets.

"This is a significant milestone for Coinbase, positioning it as the largest and first international cryptocurrency exchange to be registered in Canada," the company stated in a recent blog post.

The registration in Canada comes at a time when the U.S. has taken an aggressive stance in enforcing legal actions against crypto-companies. The SEC's pursuit of lawsuits against major players like Coinbase and Binance highlights the growing regulatory scrutiny facing the industry in the U.S.

In response to this evolving regulatory landscape, Canada introduced new guidelines for crypto-exchanges last year. These regulations include restrictions on the amount certain investors can invest in cryptocurrencies and the mandatory registration of crypto-firms.

"We were really lucky to have a partner like The Ontario Securities Commission and the CSA...to meet all the expectations that Canadian regulators have," remarked Faryar Shirzad, Chief Policy Officer at Coinbase.

In contrast to Coinbase's commitment to regulatory compliance, Binance has decided to cease its operations in Canada, citing the increasingly challenging regulatory environment as the reason for its decision. Coinbase, on the other hand, continues to demonstrate its dedication to adhering to regulations and achieving operational excellence.

Despite gaining approvals in numerous countries, including France, Spain, Singapore, Italy, Ireland, and the Netherlands this year, Coinbase remains embroiled in a legal battle in the U.S. Recently, a federal judge overseeing the SEC's lawsuit against Coinbase ruled that the SEC's arguments are credible, allowing the case to proceed. This ruling reflects the ongoing debate among regulators and policymakers on how to effectively regulate the crypto industry.

Coinbase's registration in Canada showcases the company's ability to navigate regulatory complexities and expand its global reach. While the legal battle with the SEC continues, Coinbase's commitment to compliance and transparency serves as a testament to its long-term vision of becoming a trusted and reliable player in the crypto ecosystem.

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Other articles published on Jan 14, 2025