Author: Oluwapelumi Adejumo, CryptoSlate; Translation: Song Xue, LianGuai
In a statement released on August 14th, Coinbase has officially expanded its cryptocurrency services to Canada.
The exchange revealed a strategic partnership with Peoples Trust, a subsidiary of the Peoples Group. This partnership introduces the Interac payment channel, providing seamless CAD deposit and withdrawal capabilities for Canadian Coinbase users.
To attract Canadian users, Coinbase is offering a 30-day trial period for its new subscription product, Coinbase One. The product promises zero transaction fees, more staking rewards, and priority support.
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In May of this year, Binance exited the Canadian market, citing regulatory guidance in the country as a hindrance to its continued operations.
Meanwhile, Coinbase stated that Canada is a priority for “market expansion” as it presents significant growth opportunities.
Coinbase pointed out that an investigation by the Ontario Securities Commission highlighted Canada’s position as the second-largest cryptocurrency-aware country in the international market and emphasized the increasing interest of Canadians in investing in cryptocurrencies.
In addition, Coinbase noted that Canada has an enthusiastic local tech ecosystem and is actively working to establish clear regulatory frameworks for the emerging industry.
Nana Murugesan, Vice President of Coinbase International and Business Development, stated that this North American country has the “full potential to become a global leader in the crypto economy.” He added, “As Coinbase’s next market expansion, we are making significant investments to help Canadians benefit from cryptocurrencies.”
Regulatory Challenges for Coinbase in the United States
Back in the United States, Coinbase continues to battle legal issues with the Securities and Exchange Commission (SEC), which is accused of violating federal securities laws.
Over the weekend, several cryptocurrency stakeholders, including Senator Cynthia Lummis, submitted a non-party amicus brief in support of Coinbase’s motion to dismiss the SEC lawsuit. Senator Lummis believes that the regulatory approach of financial watchdogs towards cryptocurrency companies is misguided.
To navigate the challenging regulatory environment in the United States, Coinbase has been seeking to expand its overseas business and recently launched an international trading platform for institutional traders.