CEFIREGULATION

Coinbase is not afraid of strict regulation and is officially entering Canada.

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Coinbase is not afraid of strict regulation and is officially entering Canada.

The U.S. compliant exchange Coinbase has announced its official entry into the Canadian market, launching the Canadian banking payment network Interac to enable seamless fund transfers for customers. Coinbase also offers a 30-day free trial of Coinbase One to attract more users.

Unfazed by Strict Regulations, Officially Entering Canada

After Canada implemented strict regulatory rules for the cryptocurrency industry in February this year, many major cryptocurrency exchanges chose to withdraw from the Canadian market, including Binance, Bybit, and OKX. However, for Coinbase, clear industry regulations in Canada seem more favorable compared to the less visible regulations in the United States.

Now, Coinbase CEO Brian Armstrong happily announced that they have officially entered Canada! Coinbase has a new leadership team, new payment methods, new regulatory milestones, and 200 local employees in Canada. They mentioned that this savvy country is adopting this technology to create regulatory clarity to help modernize the financial system and drive economic growth.

New Team, New Regulatory Milestones

In March, Coinbase hired Lucas Matheson as the Director for Canada, who previously worked at Shopify and leading financial institutions in Canada. The 200 full-time employees were already deployed at that time.

Coinbase launched the Interac bank payment network in Canada, allowing Canadian users to seamlessly deposit Canadian dollars (CAD) into their Coinbase wallets or withdraw CAD from their Coinbase wallets using Interac e-Transfer. In addition, Canadian Coinbase users can enjoy a 30-day free trial of Coinbase One, with zero transaction fees, higher staking rewards, exclusive round-the-clock service team, and tax support, previously priced at $29.99 per month.

Through its venture capital arm Coinbase Ventures, Coinbase has nurtured many local Canadian startups, contributing to innovation, entrepreneurship, and technological advancements in areas such as risk assessment and asset management. Notable Canadian portfolio partners include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games, and Zapper.

Before clear regulations are established in the United States, Coinbase's move to enter Canada to seek another compliant path may be a wiser choice, considering that most exchanges have chosen to exit directly, reducing competitors. However, the cost of compliance should not be underestimated. Let's look forward to the future developments of Coinbase!