Kraken, the US-based cryptocurrency exchange, has secured restricted dealer registration in Canada, enabling it to roll out access to more of its crypto products under the supervision of the Ontario Securities Commission.
Armed with the registration in Canada, Kraken says it now plans to better serve Canadian crypto investors while adhering to enhanced investor protection guidance for crypto exchanges. In light of the news, the exchange has also appointed a new North America GM to drive its next growth phase.
Cynthia Del Pozo, who has amassed almost 15 years of experience in corporate development, operations, and fintech consulting, will lead Kraken’s future Canadian operations.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” explained Del Pozo. “I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products.”
To mark the milestone, Kraken is now offering free Interac e-Transfer deposits to all Canadian clients – a move which it says will further its efforts to make crypto investing more accessible and affordable.
Kraken secured restricted dealer registration in Canada following an intense pre-registration undertaking (PRU) process, in which Kraken enhanced its governance, security, and compliance protocols to ensure it met the highest industry standards.
Canadian crypto growth
Over the past two years, Kraken’s Canadian operation has grown significantly. The crypto exchange doubled both its team size and monthly transacting users in Canada during the PRU process. It has also exceeded $2billion CAD in combined client assets under custody.
Del Pozo added: “This restricted dealer registration is a testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform, and to deliver innovative products that provide real-world utility to Canadians.”
Kraken has also expanded support for many popular cryptoassets, while offering several CAD spot trading pairs, enabling Canadians to trade crypto without incurring costly FX fees.
The news comes after Canada has played a significant role in supporting global crypto adoption, having been the first country to install a public Bitcoin ATM in downtown Vancouver and launch spot Bitcoin and Ethereum ETFs in 2021.
As a result of its efforts, crypto adoption is accelerating in Canada, signaling renewed confidence in the crypto asset class long-term. In fact, 30 per cent of Canadian investors have or currently hold cryptoassets, according to Innovative Research Group’s 2024 Investor Survey. Thirty per cent of Canadian institutional investors have also had crypto exposure, according to a KPMG Canada survey.
