JUST IN: Crypto exchange krakenfx is committing to tougher rules in Canada and is working with regulators to become licensed across the country. IanAllison123 reports
U.S.-based cryptocurrency exchange Kraken is remaining in Canada and complying with tougher rules set out by the country’s financial regulator, the Canadian Securities Administrators .
Kraken has filed a pre-registration undertaking with the Ontario Securities Commission as it works towards becoming a registered Restricted Dealer across Canada, the company said in a press release on Thursday. Canada has tightened its rules governing crypto exchanges and set a deadline to commit to a set of enhanced pre-registration undertakings , causing some big players exit the country's market – OKX, Deribit and Blockchain.com among them – while othersKraken has served Canadian clients for over 10 years, and has over 250 team members based in Canada.
“Canada as a geography is critical to our mission to empower people with new ways to connect and transact,” said David Ripley, Kraken’s chief operating officer and incoming CEO, in a statement., requires the segregation of assets held in custody and tightens rules for re-hypothecation, margin trading and certain trades involving proprietary tokens or stablecoins.
Over the coming months, Kraken will be making certain changes to services in Canada and will notify clients prior to any changes that will impact trading experience, the exchange said in the release.
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