The cryptocurrency exchange Coinbase announced it has officially launched operations in Canada. As part of the initiative, the company introduced Coinbase One to local users – a 30-day trial offering zero trading fees and priority support.
The firm has been coping with severe regulatory issues in its homeland, with most problems coming from the US Securities and Exchange Commission (SEC). That dispute could be one reason why Coinbase has recently shifted its focus toward other countries.
‘Our Vision Transcends Borders’
Despite turning into one of the leading US-based crypto exchanges and becoming the first publicly-traded company of its kind, Coinbase disclosed that its mission involves spreading abroad:
“While our journey towards transparency and compliance led us to becoming a publicly traded company in the United States, our vision transcends borders. Today, we proudly announce a pivotal milestone in our international expansion strategy – our official launch in Canada.”
The team behind the platform explained that the expansion into the North American nation resulted from the comprehensive regulatory framework there and the local interest in innovation. Coinbase also outlined that Canadians are among the most intrigued in the crypto industry, with 30% planning to hop on the bandwagon soon.
Canadian users can now deposit and withdraw funds in CAD to and from their Coinbase wallets through Interac e-transfers. They are also allowed to onboard Coinbase One, which features zero trading fees, priority support, and enhanced staking rewards.
In addition, the company intends to enable withdrawals, seamless deposits, and high-value daily transaction limits later in 2023.
Unlike its regulatory problems at home, Coinbase praised its collaboration with the Canadian watchdogs, banking partners, and investors.
Recall that the US SEC filed a lawsuit against the exchange in June this year, alleging it of violating several rules and offering trading services with unregistered securities, such as SOL, ADA, MATIC, and others.
The Previous Efforts
One of Coinbase’s recent expansions includes the launch of a platform in Bermuda that serves non-US institutional clients. The marketplace, which saw the light of day in May – allows users to trade bitcoin and ether perpetual futures and settle transactions in USDC.
“We would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the US,” the firm stated upon introducing the option.
Coinbase also eyed the United Arab Emirates (UAE), highlighting the welcoming regulatory environment in the area.
“In short, the region is standing-out as a leader in the development of a web3 ecosystem, making it an attractive location to consider investing in. The vacuum created by other notable jurisdictions means that international counterparts, such as the UAE, are racing to fill the regulatory gap,” Nana Murugesan – VP of International and Business Development at Coinbase – said.
Subsequently, the company partnered with the Austrian crypto exchange Bitpanda at the end of May to strengthen its presence in Europe.
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