{"id":18441,"date":"2023-05-16T20:45:45","date_gmt":"2023-05-16T20:45:45","guid":{"rendered":"https:\/\/entertainment.runfyers.com\/index.php\/2023\/05\/16\/even-as-crypto-exchanges-exit-canada-coinbase-intends-to-play-the-long-game\/"},"modified":"2023-05-16T20:45:45","modified_gmt":"2023-05-16T20:45:45","slug":"even-as-crypto-exchanges-exit-canada-coinbase-intends-to-play-the-long-game","status":"publish","type":"post","link":"https:\/\/entertainment.runfyers.com\/index.php\/2023\/05\/16\/even-as-crypto-exchanges-exit-canada-coinbase-intends-to-play-the-long-game\/","title":{"rendered":"Even as crypto exchanges exit Canada, Coinbase intends to play the \u2018long game\u2019"},"content":{"rendered":"


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Kraken, Gemini and Crypto.com also plan to continue operating in the country<\/h2>\n<\/p>\n
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The world\u2019s largest crypto exchange, Binance, said last week<\/a> that it would stop servicing Canadian customers due to \u201cnew guidance related to stablecoins and investor limits provided to crypto exchanges.\u201d But while the exchange said it will return to the country \u201csomeday,\u201d its exit leaves behind a huge gap that its competitors are aiming to fill.<\/p>\n

Coinbase is one of the big players in the space planning to do just that.<\/p>\n

Coinbase, close behind Binance as the world\u2019s No. 2 crypto exchange, is \u201copen for business,\u201d Nana Murugesan, VP international and business development at the exchange, told TechCrunch+. \u201cWe\u2019ve always focused on playing the long game.\u201d<\/p>\n

Overall, the Canadian market for crypto is large, but it\u2019s far from the largest. Crypto revenue in the country is expected to reach $1.42 billion in 2023, per Statista<\/a>. And currently, about 13% of Canadians own or use crypto, down slightly from the year prior and up 116% from 2021, also per Statista<\/a>.<\/p>\n

In late February, the Canadian Securities Administrators (CSA) started requiring<\/a> crypto exchanges to sign new, legally binding undertakings if they were pending registration with the agency. CSA took action after a number of crypto trading platforms went insolvent, including Voyager Digital, FTX and BlockFi.<\/p>\n<\/p><\/div>\n