Coinbase, a cryptocurrency exchange based in the United States, has successfully obtained restricted dealer licenses in Canada as part of its global expansion efforts, amid increasing regulatory scrutiny in its home country. The company has recently been registered in Ontario as a restricted dealer under the Canadian Securities Administrators (CSA), according to a report by CNBC on April 4.
The CSA’s national registration data reveals that there are two Coinbase-related entities registered in Canada. Coinbase Incorporated is registered as a restricted dealer, while Coinbase Canada is registered as an international dealer.
Restricted dealer registration is a specialized form of registration for firms that don’t fit neatly into any other category, as established by regulators who set different requirements for firms with this status. On the other hand, international dealers are prohibited from trading Canadian equity or debt securities, with the exception of government issuers, as stated by legal intelligence source JD Supra.
With this new license, Coinbase has gained official recognition as a legally operating cryptocurrency firm in Canada, as reported by CNBC. Lucas Matheson, Coinbase’s country director for Canada, stated that obtaining this license has been a three-year endeavor, with a specific focus on working with the Ontario Securities Commission over the past 12 months.
Cointelegraph reached out to Coinbase for comment on the new license but did not receive a response as of the time of publication.
This is an ongoing story, and additional information will be provided as it becomes available.