Kraken crypto exchange has received a Restricted Dealer registration in Canada. This means that Kraken is now officially allowed to operate in Canada and offer its crypto services, but it has to follow the rules set by the government.
According to the press release, the Kraken had just completed a pre-registration undertaking (PRU) with Canadian authorities. The Ontario Securities Commission (OSC) will now be in charge of making sure Kraken follows these rules.
The Canadian Securities Administrators (CSA) classify Restricted Dealer registration as one of eight firm registration types. This category applies to companies like Kraken that don’t exactly fit under other categories but still need to follow some rules.
This is also happening at a time when other exchanges, like Gemini, have decided to leave Canada because of stricter regulations.
Alongside its regulatory success, the exchange has hired Cynthia Del Pozo as its new General Manager for North America. She has nearly 15 years of experience in the financial and tech industries. Del Pozo’s job will be to help Kraken grow in Canada and work closely with the regulators.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” Del Pozo said. “I’m thrilled to join Kraken’s mission at this critical moment and lead our expansion efforts.”
Over the past two years, Kraken has steadily grown in Canada while working through the PRU process.
The company has doubled its team size and seen more users joining the platform. Right now, Kraken holds more than $2 billion CAD in client assets, and it has added more options for Canadians to trade cryptocurrencies without having to pay extra fees for currency exchange.
A survey in 2024 showed that 30% of Canadians have owned cryptocurrencies. Another survey found that 30% of Canadian businesses have also started investing in crypto.
Also Read: Kraken Exchange is Looking to Raise $1B Ahead of Potential IPO
