Trading of cryptocurrenciesThrough a collaboration with regional financial services provider Peoples Trust Company, Coinbase announced on August 14 that it was expanding the range of services it provides to Canadian users.All of Coinbase’s users now have the option to deposit and withdraw money from their accounts using the Interac e-Transfer service.Since the app’s August introduction in Canada, this feature has reportedly received the most requests from users there.Canada’s attraction in the cryptocurrency market was discussed by Nana Murugesan, vice president of international and commercial development at Coinbase
industry.“Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework.”
The exchange also stated that it considers the Canadian market to be its next “Go Deep Market” and referenced a report from the Ontario Securities Commission that claimed more than 30% of Canadians planned to purchase cryptocurrencies this year.Following the exit of Binance and ByBit from Canada due to tighter rules from local authorities, Coinbase has entered the Canadian cryptocurrency market.Regulations dictated that bitcoin exchanges agree to a number of terms and conditions while their applications were still being reviewed. These regulations were issued by the Canadian Securities Administrators.In March, 11 exchanges, including Coinbase, reportedly agreed to the pre-clearance regulations.
Coinbase’s entry into Canada comes as the exchange is still engaged in legal disputes with American lawmakers.The business filed a request for the U.S. Securities and Exchange Commission to drop its ongoing litigation on August 4.Despite the business’s legal issues in the United States, Coinbase CEO Brian Armstrong allegedly stated on August 4 that leaving the nation is “not even in the realm of possibility right now.”For a more crypto-friendly regulatory environment, though, Armstrong has also previously discussed moving Coinbase’s headquarters outside of the United States.