Cryptocurrency exchange Coinbase has been granted a license to operate in Canada. This allows the platform to expand its operations outside the U.S. amidst increasing regulatory pressure in its home market.

Coinbase has obtained registration in Ontario as a limited dealer under the Canadian Securities Administrators (CSA), which consists of Canada’s provincial and territorial securities regulators.

Lucas Matheson, Coinbase’s country director for Canada, mentioned that the process of obtaining this license involved nearly three years of work in Canada, with a specific focus on collaboration with the Ontario Securities Commission in the last year.

According to Matheson, Coinbase becoming the first international as well as the largest cryptocurrency exchange registered in Canada positions the platform to assist millions of Canadians in accessing the digital economy. This registration reflects Coinbase's strong commitment to compliance and regulatory standards not only in Canada but globally.

Coinbase was also granted a license to operate in France in the previous year by the French stock market regulator (AMF), allowing the exchange to offer virtual asset service provider (VASP) services in the country. Additionally, in April 2023, Coinbase received approval from the Bermuda Monetary Authority (BMA) to function as a regulated entity in the British Island Territory.