Even if Crypto Exchanges Leave Canada, Coinbase Intends to Play the Long Game

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Kraken, Gemini and Crypto.com also plan to continue operating in the country

Jacquelyn Melinek 8 hours

The world’s largest crypto exchange, Binance, said last week that it would stop serving Canadian customers due to new stablecoin guidelines and investor limits provided to crypto exchanges. But while the exchange has declared that it will one day return to the country, its exit leaves behind a huge void that its competitors aim to fill.

Coinbase is one of the big players planning space to do just that.

Coinbase, second only to Binance as the world’s second-largest crypto exchange, is open for business, Nana Murugesan, the exchange’s vice president of international and business development, told TechCrunch+. We have always focused on the long game.

Overall, the Canadian crypto market is large, but it is far from the largest. Crypto revenue in the country is expected to reach $1.42 billion in 2023, according to Statista. And currently, about 13% of Canadians own or use crypto, down slightly from the previous year and up 116% from 2021, also according to Statista.

In late February, the Canadian Securities Administrators (CSA) began requiring crypto exchanges to sign new legally binding covenants if they were pending registration with the agency. CSA took action after a number of crypto trading platforms became insolvent, including Voyager Digital, FTX, and BlockFi.

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