Kraken Secures Regulatory Status in Canada.
Kraken, a cryptocurrency exchange, has received a restricted dealer registration in Canada, making sure it continues providing services to investors in the region. The Ontario Securities Commission (OSC) gave Kraken the registration, showing Kraken’s compliance with changing regulatory standards in Canada.
Gaining this achievement puts Kraken in a good position in Canada’s crypto economy now that competitor Gemini left the market late last year. Kraken has over CAD 2 billion in client assets under custody, solidifying its position in the country.
New Leadership to Drive Growth.
At the same time as this regulatory milestone, Kraken has appointed Cynthia Del Pozo as its new North America GM. Kraken’s North America General Manager, Del Pozo, who previously ran strategy at Gemini, will lead Kraken’s expansion in Canada, regulatory engagement, business development, and improving the experience of Canadian users.
Del Pozo asserts that Canada is on the brink of cryptocurrency adoption, as the recognition of digital assets as a crucial component of the financial ecosystem is growing. I’m thrilled to join Kraken at this pivotal moment and to lead efforts that will bring innovative and compliant products to Canadian investors.
Commitment to Compliance and Innovation.
Kraken’s restricted dealer registration ensures that it operates within a regulated framework that provides Canadian customers with enhanced safety and compliance. Restricted dealer registration applies to firms that don’t fit within the traditional investment dealer categories but must still adhere to strict oversight.
Towards that end, Kraken will add free Interac e-Transfer deposits for all Canadian customers to further strengthen its presence. The goal is to make it easier and cheaper to use crypto for trading.
A Growing Presence in Canada.
Kraken’s recent achievement shows its previous gradual growth in Canada. Since its acquisition of early Canadian crypto platform CaVirtEx in 2016, Kraken has invested in the market by hiring a team, increasing its user base, and adding platform features.
Kraken will continue to develop its platform while remaining compliant with Canadian laws as the regulatory picture has become clearer. The company wants to provide easy and safe trading options, which will be beneficial to Canadian investors.
Following this, the firm has undergone several leadership changes, including the appointment of Steven Christie as director of compliance for the crypto exchange’s Canadian arm.
