The cryptocurrency exchange Coinbase officially launched in Canada in August 2023 and is expanding its service offerings amid a promising local crypto climate.
The cryptocurrency exchange Coinbase announced an expansion of its services offered to Canadian users on Aug. 14 through a partnership with the local financial services company Peoples Trust Company.
Coinbase integrated the option for 100% of its users to deposit and withdraw money from their accounts via the Interac e-Transfers service. According to the exchange, this feature was the most requested update from Canadian users, post-launch in the country earlier this month.
Nana Murugesan, the vice president for international and business development at Coinbase, commented on Canada’s appeal in the crypto industry due to its level of awareness:
“Canada is well positioned to be a global leader in the crypto-economy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework.”
The exchange also said it sees the Canadian market as its next “Go Deep Market,” and cited a survey from the Ontario Securities Commission that claims more than 30% of Canadians said they’ll buy crypto within the year.
Coinbase’s entrance into the Canadian crypto market comes after both crypto exchanges Binance and ByBit left the country due to tightening regulations from local leaders.
The Canadian Securities Administrators (CSA) introduced regulations that mandated cryptocurrency exchanges to sign on to many terms and conditions while their applications were still under review. According to a Bloomberg report, Coinbase was one of 11 exchanges that signed onto pre-clearance rules back in March.
Related: Coinbase earnings show the company is now much more than just an exchange
Coinbase’s expansion into Canada comes as the exchange continues to fight legal battles with legislators in the United States.
On Aug. 4 the company filed an order seeking a dismissal of its ongoing lawsuit with the U.S. Securities and Exchange Commission.
Despite the company’s legal troubles in the U.S., its CEO Brian Armstrong is quoted saying on Aug. 4 that a departure from the country is “not even in the realm of possibility right now.”
However, Armstrong has also previously mentioned relocating Coinbase headquarters outside of the U.S. for a more crypto-friendly regulatory environment.
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