Kraken Scoops Up Binance, OKX’s Canada Users
Regulatory pressure across North America has impacted the running of crypto businesses as both Binance and OKX have left the shores of Canada. However, there is a high reward for the exchanges that have stayed.
Following Binance’s announcement to leave Canada, Kraken’s customer deposits increased by 25%. Within a week of OKX’s departure in March, Kraken saw a fivefold increase in app downloads.
Similarly, Canada, its southern neighbour, has become a difficult place for cryptocurrency companies to operate. Canadian securities regulators strengthened oversight and raised expectations of crypto asset trading platforms operating in Canada in February.
The Canadian government cited “recent insolvencies involving several crypto asset trading platforms” as the impetus for their new regulations. To continue trading in Canada, exchanges must register with regulators and adhere to strict guidelines.
Some, including Binance and OKX, but also Paxos, Blockchain.com, Deribit, and ByBit, have found this requirement too difficult.
(With inputs from Shikha Singh)
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