Kraken Reaffirms Commitment to Driving Crypto Adoption in Canada
Pre-registration undertaking with Ontario Securities Commission reinforces long-term commitment to Canadian market
TORONTO – Kraken, one of the world’s longest-standing and most trusted crypto platforms, announces it has filed a pre-registration undertaking with the Ontario Securities Commission as it works towards becoming a registered Restricted Dealer across Canada. This undertaking demonstrates Kraken’s commitment to comply with the Canadian Securities Administrators’ recently enhanced investor protection guidance.
“Canada as a geography is critical to our mission to empower people with new ways to connect and transact.” said David Ripley, Kraken’s Chief Operating Officer and incoming CEO. “Trading platforms that prioritize compliance and secure trading experiences will have more success advocating for crypto’s economic benefits and transformative potential for crypto traders and investors.”
The relationship between Canadians and traditional financial services providers creates a unique opportunity for the crypto industry. Data suggests that close to 15%, roughly five million, of Canadians are underserved by the existing banking sector, and a further one million have no access to mainstream financial services at all. Those with banking access face costly administrative fees and lengthy settlement times for transactions. Meanwhile, Canadians are receptive to the crypto sector. According to a 2022 Ipsos study of Canadians, 38% believe crypto assets play a key role in financial services, and 13% currently own cryptoassets.
“We want both existing and prospective clients to know Kraken remains committed to Canada,” said Mark Greenberg, Managing Director for Canada at Kraken. “As we forge this new regulatory path, we’ll continue engaging with our local regulators to enhance understanding of crypto’s economic benefits and transformative potential. We believe in offering clients a compliant trading platform that leverages our robust security protocols, unrivaled 24/7, live customer services support, industry-leading liquidity and a superior product offering.
Kraken is an industry-leading digital asset platform that has served Canadian clients for over 10 years. With over 250 team members based in Canada - making it one of the largest crypto employers in the country - Kraken provides a customizable trading experience for all levels of Canadian crypto traders. Kraken has been registered as a money services business in Canada with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) since 2019.
The platform offers more than 175 digital assets to trade on a global spot market through its mobile app and online trading platform. Kraken clients can take advantage of five CAD trading pairs, transparent fees and tight trading spreads. The platform also offers direct access to Canadian order books ensuring one of the fastest and most seamless crypto trading experiences in Canada today.
Over the coming months, Kraken will be making certain changes to services in Canada and will notify clients prior to any changes that will impact trading experience.
Kraken is one of the world’s longest-standing digital asset platforms. Globally, Kraken clients trade more than 200 digital assets and 8 different national currencies, including GBP, EUR, USD, CAD, JPY, CHF, AUD and AED.
Kraken, over 2,000 strong, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. In 2022, it launched a custodial NFT marketplace. Kraken is trusted by over 9 million traders and institutions around the world and offers professional, round-the-clock online support. Kraken was the first company to have ever conducted a Proof of Reserves audit and has since committed to undergoing Proof of Reserves on a semiannual basis.
For more information about Kraken, please visit www.kraken.com.
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Crypto 101: A Beginner’s Guide to Crypto
Staying true to our mission to bring crypto to everyone, Kraken CEO Jesse Powell explains it all in our new video series: Crypto 101.
Recognizing the importance of Bitcoin from the onset, and understanding that the exchange is the most critical part of the cryptocurrency ecosystem, Jesse Powell co-founded Kraken to give people the means to quickly and securely invest in the space.
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