03-31-2023, 11:33 AM
Kraken Files Pre-Registration with Canada’s Ontario Regulator
<p class="MsoNormal">Kraken, one of the
longest-running cryptocurrency exchanges in the industry, has filed a pre-registration
with the Canada’s Ontario Securities Commission (OSC). The move is part of the
US-based digital asset firm’s efforts to become a registered Restricted Dealer
across all regions in Canada. </p><p class="MsoNormal">The cryptocurrency exchange
announced the development in a statement shared with Finance Magnates on
Thursday. It noted that it took to the action in order “to comply with the
Canadian Securities Administrators’ recently enhanced investor protection
guidance."</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Oh, Canada! We’ve got news ??Kraken users will be happy to learn that we have taken the necessary steps required by regulators in order to continue operating in Canada, and to continue our mission of driving crypto adoption worldwide. ?More info ➡️ <a href="https://t.co/v42rR2STPG">https://t.co/v42rR2STPG</a> <a href="https://t.co/NEvNGMnyGL">pic.twitter.com/NEvNGMnyGL</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1641463077357977601?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><p class="MsoNormal">OSC Demands Registration</p><p class="MsoNormal">In June last year, <a href="https://www.financemagnates.com/cryptocurrency/regulation/canadas-ontario-regulator-bans-crypto-exchange-kucoin-fines-bybit/" target="_blank" rel="follow">OSC banned the cryptocurrency exchange, KuCoin</a> and slapped a heavy fine on
Bybit for not complying with local regulations. Both platforms were fined $1.6
million and $2.5 million, respectively.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">OSC holds global crypto asset trading platforms accountable: <a href="https://t.co/TPC9mtvTRE">https://t.co/TPC9mtvTRE</a> <a href="https://t.co/Nl9pGP0U3j">pic.twitter.com/Nl9pGP0U3j</a></p>— OSC News (@OSC_News) <a href="https://twitter.com/OSC_News/status/1539679306909159426?ref_src=twsrc%5Etfw">June 22, 2022</a></blockquote><p class="MsoNormal">The ban came over a year after
the Ontario securities watchdog warned unauthorized cryptocurrency exchanges in
the province to get in touch with the agency or face enforcement actions. In
2021, the cryptocurrency exchange giant, <a href="https://www.financemagnates.com/cryptocurrency/news/binance-exits-canadas-ontario-amid-mounting-regulatory-scrutiny/" target="_blank" rel="follow">Binance exited Ontario</a> amidst mounting regulatory scrutiny.</p><p class="MsoNormal">Kraken Reaffirms Commitment to
Canada</p><p class="MsoNormal">However, on Thursday, Kraken noted that the pre-registration demonstrates its “broader commitment to its
Canadian clients, the market and its global mission.” </p><p class="MsoNormal">Currently, Kraken offers its
Canadian customers access to over 175 digital assets and five Canadian dollar
trading pairs on its global spot market. In July 2019, the cryptocurrency
exchange registered as <a href="https://www.financemagnates.com/fintech/news/xrex-obtains-money-services-business-license-from-fintrac/" target="_blank" rel="follow">a money service business</a> with the Financial Transactions and Reports
Analysis Centre of Canada. </p><p class="MsoNormal">“We want both existing and
prospective clients to know Kraken remains committed to Canada,” said Mark
Greenberg, Kraken’s Managing Director for Canada at Kraken, explaining the
reason for the digital asset's pre-registration with the Ontario regulator. </p><p class="MsoNormal">Greenberg reiterated that Kraken
would continue to engage with local regulators to enhance its understanding of
crypto’s economic benefits and transformative potential.</p><p class="MsoNormal">Kraken Faces Aftermath of US
Bank Collapse</p><p class="MsoNormal">Meanwhile, Kraken
pre-registration with OSC comes at a time the exchange is battling with the
collapse of US-based crypto-friendly banks, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/%5C">Silvergate Bank</a> and <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/">Signature Bank</a>. Last
Thursday, the digital asset firm announced that it <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">would cease its support</a> for
Automated Clearing House (ACH) deposits and withdrawals from 27 March
2023. </p><p class="MsoNormal">Kraken is one of the many crypto
exchanges that have been using Silvergate Exchange Network (SEN) for ACH
settlements in the US since 2019.</p><p class="MsoNormal">Saxo's New Portal; JPX Gets into DeFi; <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/" target="_blank" rel="follow">read today's new nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...regulator/
<p class="MsoNormal">Kraken, one of the
longest-running cryptocurrency exchanges in the industry, has filed a pre-registration
with the Canada’s Ontario Securities Commission (OSC). The move is part of the
US-based digital asset firm’s efforts to become a registered Restricted Dealer
across all regions in Canada. </p><p class="MsoNormal">The cryptocurrency exchange
announced the development in a statement shared with Finance Magnates on
Thursday. It noted that it took to the action in order “to comply with the
Canadian Securities Administrators’ recently enhanced investor protection
guidance."</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Oh, Canada! We’ve got news ??Kraken users will be happy to learn that we have taken the necessary steps required by regulators in order to continue operating in Canada, and to continue our mission of driving crypto adoption worldwide. ?More info ➡️ <a href="https://t.co/v42rR2STPG">https://t.co/v42rR2STPG</a> <a href="https://t.co/NEvNGMnyGL">pic.twitter.com/NEvNGMnyGL</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1641463077357977601?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><p class="MsoNormal">OSC Demands Registration</p><p class="MsoNormal">In June last year, <a href="https://www.financemagnates.com/cryptocurrency/regulation/canadas-ontario-regulator-bans-crypto-exchange-kucoin-fines-bybit/" target="_blank" rel="follow">OSC banned the cryptocurrency exchange, KuCoin</a> and slapped a heavy fine on
Bybit for not complying with local regulations. Both platforms were fined $1.6
million and $2.5 million, respectively.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">OSC holds global crypto asset trading platforms accountable: <a href="https://t.co/TPC9mtvTRE">https://t.co/TPC9mtvTRE</a> <a href="https://t.co/Nl9pGP0U3j">pic.twitter.com/Nl9pGP0U3j</a></p>— OSC News (@OSC_News) <a href="https://twitter.com/OSC_News/status/1539679306909159426?ref_src=twsrc%5Etfw">June 22, 2022</a></blockquote><p class="MsoNormal">The ban came over a year after
the Ontario securities watchdog warned unauthorized cryptocurrency exchanges in
the province to get in touch with the agency or face enforcement actions. In
2021, the cryptocurrency exchange giant, <a href="https://www.financemagnates.com/cryptocurrency/news/binance-exits-canadas-ontario-amid-mounting-regulatory-scrutiny/" target="_blank" rel="follow">Binance exited Ontario</a> amidst mounting regulatory scrutiny.</p><p class="MsoNormal">Kraken Reaffirms Commitment to
Canada</p><p class="MsoNormal">However, on Thursday, Kraken noted that the pre-registration demonstrates its “broader commitment to its
Canadian clients, the market and its global mission.” </p><p class="MsoNormal">Currently, Kraken offers its
Canadian customers access to over 175 digital assets and five Canadian dollar
trading pairs on its global spot market. In July 2019, the cryptocurrency
exchange registered as <a href="https://www.financemagnates.com/fintech/news/xrex-obtains-money-services-business-license-from-fintrac/" target="_blank" rel="follow">a money service business</a> with the Financial Transactions and Reports
Analysis Centre of Canada. </p><p class="MsoNormal">“We want both existing and
prospective clients to know Kraken remains committed to Canada,” said Mark
Greenberg, Kraken’s Managing Director for Canada at Kraken, explaining the
reason for the digital asset's pre-registration with the Ontario regulator. </p><p class="MsoNormal">Greenberg reiterated that Kraken
would continue to engage with local regulators to enhance its understanding of
crypto’s economic benefits and transformative potential.</p><p class="MsoNormal">Kraken Faces Aftermath of US
Bank Collapse</p><p class="MsoNormal">Meanwhile, Kraken
pre-registration with OSC comes at a time the exchange is battling with the
collapse of US-based crypto-friendly banks, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/%5C">Silvergate Bank</a> and <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/">Signature Bank</a>. Last
Thursday, the digital asset firm announced that it <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">would cease its support</a> for
Automated Clearing House (ACH) deposits and withdrawals from 27 March
2023. </p><p class="MsoNormal">Kraken is one of the many crypto
exchanges that have been using Silvergate Exchange Network (SEN) for ACH
settlements in the US since 2019.</p><p class="MsoNormal">Saxo's New Portal; JPX Gets into DeFi; <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/" target="_blank" rel="follow">read today's new nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...regulator/