Coinbase Aims to Stay in Canada; Binance Could Be Poised to Exit Amid Regulatory Shakeup

The moves come as the country tightens rules for cryptocurrency exchanges.

AccessTimeIconMar 29, 2023 at 8:27 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC

Coinbase is in talks with regulators about remaining in Canada, according to a person familiar with the matter, as the country tightens rules for cryptocurrency exchanges. Larger rival Binance, however, looks likely to exit.

Coinbase, which is based in the U.S., is discussing getting the appropriate license to keep doing business in Canada, according to the person, who requested anonymity.

In a statement to CoinDesk, Elliott Suthers, Coinbase’s communications director, said, “We remain as committed as ever to the Canadian market as a core component of our international road map.”

Meanwhile, a second person with knowledge of the matter, who asked to remain anonymous, said Binance will probably pull out of Canada.

However, a spokesman for Binance – whose CEO, Changpeng Zhao, is a Canadian citizen – said the exchange “has not made definitive plans yet.” After the publication of this article, another Binance spokesperson told CoinDesk that the exchange “is actively engaged with the [Canadian Securities Administrators] in its pursuit of registration.”

Canada set a March 24 deadline for firms to commit to a tightening of rules around crypto in the country, which suffered a high-profile exchange blowup several years ago when QuadrigaCX went under. Earlier this month, OKEx announced its departure from Canada. also plans to remain in Canada, a third person familiar with the matter told CoinDesk. confirmed to CoinDesk that it is leaving, and Deribit has told customers it’s departing.

Kraken is expected to make an announcement on the matter soon.

The new regulatory framework, announced Feb. 22, requires the segregation of assets held in custody and tightens rules for re-hypothecation, margin trading and certain trades involving proprietary tokens or stablecoins.

UPDATE (March 29, 2023, 22:34 UTC): Adds comment from a second Binance spokesperson.

Edited by Nick Baker.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.