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Cryptocurrency exchange Coinbase announced that it has expanded its services for Canadian users through a partnership with local financial services company Peoples Trust Company. The move comes as Coinbase aims to cater to the Canadian market and considers the possibility of relocating its headquarters to Canada due to issues in the United States.
Murugesan Praises Canada
Coinbase has integrated the option for Canadian users to deposit and withdraw funds from their accounts using Interac e-Transfers. According to the exchange, this feature has been the most requested update by Canadian users since its launch earlier this month.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, commented on Canada’s appeal in the crypto sector:
“Canada is well-positioned to be a global leader in the crypto economy due to its high level of crypto awareness, a passionate local technology ecosystem, and a strong regulatory framework.”
The exchange also sees the Canadian market as the next “Go Deep Market,” citing a survey that claims over 30% of Canadians will buy crypto within the year, as indicated by the Ontario Securities Commission.
Possibility of Coinbase Moving to Canada
Coinbase’s entry into the Canadian crypto market comes after both Binance and ByBit left the country due to stricter regulations imposed by local courts.
The Canadian Securities Administrators (CSA) had introduced regulations that required crypto exchanges to sign numerous terms and conditions while their applications were still under review. Coinbase was reportedly one of the 11 exchanges that signed the preliminary approval rules in March.
Coinbase’s expansion towards Canada comes as the exchange continues to face legal battles with regulators in the United States. The company recently issued an order to drop its ongoing case with the U.S. Securities and Exchange Commission on August 4.
Despite the legal challenges in the U.S., CEO Brian Armstrong reportedly stated on August 4 that leaving the country is not even a possibility at the moment. However, Armstrong has previously mentioned the idea of relocating Coinbase’s headquarters outside of the U.S. for a more crypto-friendly regulatory environment.
