Coinbase Resists Canadian Crypto Exodus With “Official Launch”

  • Canada is witnessing an exodus of crypto exchanges, but not all want out.
  • Coinbase is marking its “official launch” in Canada with a significant partnership.
  • The Canadian expansion follows the crypto exchange’s international expansion push amid trouble in the U.S.

Following FTX’s collapse, Canada has tightened rules for crypto exchanges. While exchanges, like OKX, Binance, and Bybit, have bid farewell to the market in response to these fresh regulations, Coinbase has expressed a willingness to persevere.

After committing to so-called pre-registration undertakings with the Canadian Securities Administrators in March 2023, the firm has now announced its “official launch” in the North American country, boasting new banking partnerships with the potential to achieve a seamless on and off-ramp experience for customers.

Coinbase Expands Canadian Services

In a company blog post on Monday, August 14, Coinbase announced that it was making its official entry into the Canadian market, highlighting the integration of Interac payment rails for Canadian customers.

According to the crypto exchange, the newly integrated Interac payment rails will seamlessly allow users to deposit and withdraw funds on the platform in Canadian dollars (CAD). 

“Depositing funds to Coinbase using Interac is free and almost instant,” the firm wrote in a press release.

Coinbase asserted that the Interac payment rail integration made possible through a partnership with Peoples Trust Company, a leading financial services firm in Canada, was the most requested feature by Canadian customers.

In addition to the new payment rails, the crypto exchange noted that Canadian users can access its subscription-based service Coinbase One with a 30-day free trial. The service offers zero-fee trading, greater staking rewards, priority customer service support, and more.

Coinbase has tipped Canada as its next “Go Deep Market” despite rules restricting leverage trading and stablecoin support. Instead, the crypto exchange has lauded the country for having “a robust regulatory framework” and high levels of “crypto awareness.”

Coinbase’s Canadian expansion represents the exchange’s most recent effort in its international expansion strategy amid mounting regulatory uncertainty in the U.S.

Coinbase’s International Expansion

In 2023, Coinbase has looked to expand its global footprint with efforts in Europe and the launch of an international derivatives exchange incorporated in Bermuda.

While the exchange maintains that recent expansion efforts are part of its international strategy, they also coincide with mounting regulatory uncertainty in the U.S. that has culminated in a lawsuit from the SEC, fueling speculations of a U.S. crypto exodus.

On the Flipside

  • Coinbase faces competition from Kraken, which has also expressed commitment to the Canadian market and has seen a significant uptick in deposits following the exit of OKX and Binance.

Why This Matters

The Canadian market could serve as a market share booster for Coinbase, as an October 2022 survey from the Ontario Securities Commission suggested that 30% of Canadians were looking to jump into the crypto market in a year.

Read this to learn more about the departure of crypto firms from Canada:

Canada’s Crypto Exodus: Bybit Walks Away 

Learn more about Coca-Cola’s NFT drop on Coinbase’s Layer 2 Base:

Coca-Cola’s AI-Powered NFTs on Base: What You Need to Know

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