Coinbase, a leading cryptocurrency exchange, has secured a license to operate in Canada, marking a significant expansion for the platform beyond its home market in the United States. This move comes amidst heightened regulatory scrutiny in the U.S., prompting Coinbase to diversify its geographic footprint.

As reported by CNBC, the license obtained by Coinbase allows the platform to extend its services in Canada, particularly in Ontario, where it has received registration as a limited dealer under the Canadian Securities Administrators (CSA). This achievement follows nearly three years of effort, with the past 12 months dedicated to collaboration with the Ontario Securities Commission.

Lucas Matheson, Coinbase's country director for Canada, emphasized the significance of this registration, noting that it positions Coinbase as the first international cryptocurrency exchange to be formally registered in Canada. This development underscores Coinbase's commitment to compliance and its dedication to facilitating access to the digital economy for millions of Canadians.

Matheson highlighted Coinbase's strong brand reputation in Canada as a publicly traded company with a focus on regulatory compliance. This registration further solidifies Coinbase's presence on the global stage, offering a platform trusted by users worldwide.

This expansion in Canada follows similar regulatory approvals received by Coinbase in other regions. In late 2023, Coinbase obtained a license to operate in France, granted by the French stock market regulator (AMF). This permit enables Coinbase to offer virtual asset service provider (VASP) services within France, further expanding its reach in Europe.

Moreover, in April 2023, Coinbase received approval from the Bermuda Monetary Authority (BMA) to operate as a regulated entity in the British Overseas Territory of Bermuda, reinforcing its commitment to compliance and regulatory standards across various jurisdictions.