The golden days for crypto exchange Kraken have seem to arrived. After the departure of its rival exchanges like Binance and OKX from Canada, the customer deposit in Kraken have grown by 25%.
Many crypto exchanges are fleeing Canada due to the strict regulations imposed by the government earlier this year. Some of the firms that have exited the country include Binance, OKX, Blockchain.com, Paxos and Derbit. The recent one to exit is Bybit. Mark Greenberg, the managing director for Kraken Canada said that the firm had been in business in the country for the past 10 years and had a workforce of more than 250 employees.
Coinbase Gives Green Flag to Canadian Regulations
Greenberg also said that they appreciated some of the steps taken by the Canadian regulators like more focus on the asset security of the customers. However, there were some rules that they did not appreciate like the limitations on margin and trading.
Coinbase also expressed its support for Canada’s improved Pre-Registration Undertaking (PRU). Unlike the unclear regulations in the United States, Coinbase stated that it was pleased to work with a regulator that they could effectively communicate and collaborate with.
As per the new regulatory rules of Canada, it is mandatory to use third-party custodian. Greenberg said that they accepted this rule without any question. However, he said that there are some pros and cons that come with it and the regulator also knows well about it. He also said that the primary focus of both the regulators and the exchanges should be on the security of the client’s assets.
