A significant achievement was made by Coinbase, the largest cryptocurrency exchange in the US by trading volume, as it obtained a registration license in Canada. This approval allows Coinbase to expand its operations beyond the US and navigate the regulatory challenges posed by the Securities and Exchange Commission (SEC). CNBC reported that Coinbase has received a registration as a restricted dealer in Ontario under the Canadian Securities Administrators (CSA), demonstrating compliance with Canada's stringent regulations governing cryptocurrency transactions.

Canada implemented new guidelines for crypto exchanges in 2023, mandating registrations for firms dealing with digital assets. These regulations drove major players like Binance out of the market. However, Coinbase's successful registration in Canada signifies its commitment to meeting regulatory requirements and operating within the legal framework.

Following Binance's exit, Coinbase, the world's leading cryptocurrency exchange by trading volume, is set to capitalize on the opportunity to expand its user base. Data from CoinMarketCap shows that Binance's 24-hour trading volume is approximately $25.1 billion, in stark contrast to Coinbase's $2.8 billion.

Coinbase's stock price on NASDAQ (COIN) rose by over 2% at the start of Thursday's trading hours, marking a recovery from a significant downturn in 2022. The price has surged by 252% in the past six months and by 313% in the last year, currently averaging at $258.91. This positive momentum is attributed to the improving conditions in the cryptocurrency market, particularly the skyrocketing price of Bitcoin, which has increased by nearly 60% year-to-date and is trading at an average price of $67,397.

Lucas Matheson, Coinbase's country director in Canada, emphasized the company's lengthy efforts spanning three years to secure regulatory approval. He noted the more favorable regulatory environment in Canada compared to the US. It is worth mentioning that Coinbase recently faced setbacks in a lawsuit against the SEC.