Kraken Secures Restricted Dealer Status in Canada
In a significant development, cryptocurrency exchange Kraken has officially registered as a restricted dealer in Canada. This crucial step enables the exchange to continue providing its crypto trading services to Canadian users in alignment with the country’s evolving regulatory landscape.
The announcement, made on Tuesday, follows a lengthy multi-year process that mandated exchanges to adhere to elevated standards concerning investor protection and governance. Kraken expressed that it collaborated closely with Canadian regulators throughout this pre-registration phase, enhancing its compliance systems and internal controls to satisfy the expectations outlined by the Ontario Securities Commission (OSC).
To spearhead its expansion in Canada, Kraken has appointed Cynthia Del Pozo as the General Manager for North America. Del Pozo, who boasts extensive experience in fintech and operations, will be responsible for overseeing the exchange’s strategy, regulatory engagement, and business development initiatives across the region.
“Canada is at a pivotal moment for crypto adoption,” stated Del Pozo in a recent announcement, emphasizing the increasing interest from both retail and institutional investors. A survey cited by Kraken revealed that approximately 30% of Canadian investors currently own cryptocurrency assets, highlighting a growing trend in the market.
In addition to its regulatory advancements, Kraken has also unveiled plans to offer free Interac e-Transfer deposits for Canadian users. This initiative aims to simplify the onboarding process for newcomers to the platform, further enhancing user experience. The exchange proudly claims that it has successfully doubled both its team and user base in Canada over the past two years, now managing over $2 billion CAD in client assets.
Mayur Gupta, Kraken’s Chief Marketing Officer and General Manager of Growth, is set to speak at CoinDesk’s Consensus 2025, taking place in Toronto on May 14-15, where he will share insights on the future of cryptocurrency.
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