Kraken has officially registered as a restricted dealer in Canada, the U.S.-based crypto exchange announced on Apr. 2.
The exchange said it has secured the registration after a rigorous process of enhancing its governance, security, and compliance protocols to meet the expectations of the Ontario Securities Commission (OSC). The OSC is a regulatory body that oversees securities legislation in the Canadian province of Ontario.
Kraken has appointed Cynthia Del Pozo as the new general manager for North America, who will lead the firm's expansion across Canada.
The exchange said that the move reaffirms Kraken’s commitment to serving Canadian crypto investors while complying with enhanced investor protection norms.
“This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security,” said Del Pozo.
Kraken will offer free Interac e-Transfer deposits, a local funds transfer service, to its Canadian users to make crypto investing “more accessible, affordable and seamless,” it added.
The exchange said its combined client assets have exceeded CAD 2 billion ($1.42 billion) over the past two years, offering several CAD spot trading pairs. Besides, it has doubled both its team size and monthly transacting users during the period.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” Del Pozo added.
Founded in 2011, Kraken is among the world’s leading crypto exchanges and claims to offer its services to 15 million users globally.