Coinbase expands to Canadian market after Binance exits Coinbase expands to Canadian market after Binance exits
Coinbase said Canada is a priority market as it presents significant growth opportunity.
2 min read
Updated: Aug. 14, 2023 at 3:59 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase has officially expanded its crypto services to Canada, according to an Aug. 14 statement.
The exchange revealed a strategic collaboration with Peoples Trust Company, a subsidiary of the Peoples Group. The partnership introduces Interac payment rails, enabling seamless Canadian Dollar deposits and withdrawals functions for Coinbase users based in Canada.
To attract Canadian users, Coinbase is offering a 30-day trial of its new subscription-based product, Coinbase One. This product promises zero trading fees, enhanced staking rewards, and priority support.
In May, Binance withdrew from the Canadian market, citing the country’s regulatory guidance as a hindrance to its continued operations.
Go Deep Market
Meanwhile, Coinbase said Canada is a priority “Go Deep” market as it presents a significant growth opportunity.
Coinbase pointed to a survey by the Ontario Securities Commission to underscore Canada’s position as the second-most crypto-aware country in its international market and to highlight the increasing interest of Canadians in investing in cryptocurrencies.
Besides that, Coinbase noted that Canada boasts an enthusiastic local tech ecosystem and is also striving towards a clear regulatory framework for the emerging industry,
Nana Murugesan, Coinbase’s Vice President for International and Business Development, said the North American country “is well positioned to be a global leader in the cryptoeconomy.” Murugesan added:
“As Coinbase’s next Go Deep Market, we are making significant investments to help Canadians access the benefits of cryptocurrency.”
Coinbase regulatory struggles in the US
Meanwhile, back in the U.S., Coinbase continues to battle legal issues with the U.S. Securities and Exchange Commission (SEC) over alleged federal securities law violations.
Over the weekend, several crypto stakeholders, including Senator Cynthia Lummis, submitted an amicus brief in support of Coinbase’s motion to dismiss the SEC lawsuit. Senator Lummis argued that the financial regulator’s regulation-by-enforcement approach toward cryptocurrency firms was wrong.
In response to the challenging regulatory environment in the U.S., Coinbase has been looking to expand its operations abroad, culminating in the recent launch of an international exchange platform for institutional traders.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.