Crypto Exchange Kraken Commits to Tougher Rules Required by Canada

Kraken has filed pre-registration paperwork with the Ontario Securities Commission as it works towards becoming a registered Restricted Dealer in Canada.

AccessTimeIconMar 30, 2023 at 1:30 p.m. UTC
Updated Mar 30, 2023 at 7:52 p.m. UTC

U.S.-based cryptocurrency exchange Kraken will continue operating in Canada and complying with tougher rules set out by the country’s financial regulator, the Canadian Securities Administrators (CSA).

Kraken has filed a pre-registration undertaking with the Ontario Securities Commission as it works towards becoming a registered Restricted Dealer across Canada, the exchange company said in a press release on Thursday.

Canada has tightened its rules governing crypto exchanges and set a deadline to commit to a set of enhanced pre-registration undertakings (PRU), causing some big players exit the country's market – OKX, Deribit and among them – while others say they will remain.

Kraken has served Canadian clients for over 10 years, and has over 250 team members based in Canada. The exchange had been registered as a money services business in Canada with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) since 2019.

“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, in a statement.

Canada’s 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.

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, the exchange said in the release.

Edited by Stephen Alpher.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Ian Allison

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

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about