Crypto exchange Kraken has obtained a restricted dealer registration from the Ontario Securities Commission, strengthening its presence in Canada months after rival Gemini exited the market.
Registration and Its Significance
The registration was issued on April 1 and comes with regulatory conditions but grants Kraken a clear path to operate and offer services under local oversight. Kraken now holds more than 2 billion Canadian dollars in assets under custody in the country. The new designation places the exchange on the official list of crypto asset trading platforms authorized by the OSC, a key step as Canada tightens its supervision of digital finance.
New North America General Manager
Alongside the registration, Kraken appointed Cynthia Del Pozo as its new North America General Manager. Del Pozo previously led strategy at Gemini, where she was involved in its Canadian operations before the firm abruptly exited the country in late 2024. In her announcement, Del Pozo described Canada as a market on the verge of deeper crypto adoption and expressed enthusiasm for helping Kraken expand its presence with regulated products and services.
History and Current Market Position
Kraken has a long history in Canada. It entered the market in 2011 and later acquired Calgary-based exchange CaVirtEx in 2016. While other exchanges exited or scaled back due to compliance pressure, Kraken doubled down, working to meet the updated standards and grow its platform under formal supervision. Gemini’s exit last year caused concerns about Canada’s regulatory direction. Binance also exited, while Coinbase and Crypto.com have begun delisting tokens like Tether’s USDT.
While some major exchanges have left the Canadian market, Kraken is solidifying its position by continuing its expansion in Canada, illustrating differing strategies in response to evolving regulatory environments.
