TORONTO — Canadian regulators have cleared crypto-trading platform Coinbase to do business in the country as a restricted dealer.
Coinbase says it means they're the first international and largest cryptocurrency exchange to be registered in sa¹ú¼Ê´«Ã½.
The registration, making it 15th to reach the status, follows Coinbase's signing on to pre-registration commitments in March 2023, and its formal launch in sa¹ú¼Ê´«Ã½ last August.
Coinbase applauded regulators for their structured process that is helping build trust in the market, a sharp contrast to Binance which left sa¹ú¼Ê´«Ã½ last year citing the regulatory approach.
The registration comes amid a resurgence in interest in cryptocurrencies after U.S. regulators approved the country's first bitcoin-based exchange-traded funds in January.
The simplified method of investing in crypto helped drive an influx of capital and drove bitcoin to an all-time high of over US$73,000 in March, up from about US$25,000 in September.
This report by The Canadian Press was first published April 4, 2024.
The Canadian Press