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Seeking Alpha 2023-06-01 14:50:40

Binance's Canada exit has been a boon for rival Kraken - report

Cryptocurrency exchange Kraken's operations in Canada have been going strong in the weeks following rival Binance's announced withdrawal from the country, CoinDesk reported Thursday, citing a company representative. Earlier this month, Changpeng Zhao-led Binance said it will exit Canada given the country's new guidance on stablecoins and investor limits provided to crypto trading platforms. It disclosed Wednesday that the Ontario Securities Commission sent an order to the platform just two days before the announced departure to probe whether it tried to circumvent the country's regulations and compliance controls. As such, Kraken has been reaping the benefits of staying in Canada given a 25% jump in customer deposits in the country following Binance's exit, a Kraken representative told CoinDesk in an emailed statement . The company has been in Canada for more than 10 years. Canada's increased scrutiny of the crypto space also prompted fellow crypto exchanges and Bybit to pull out of the country . But Kraken isn't alone in willing to abide by the stricter rules. In March, Coinbase Global ( COIN ) was reportedly in talks with regulators about securing the appropriate license to continue operating in Canada. More on the Crypto Exchanges Coinbase: Q2 Is Going To Be Rough Binance joint venture to launch Thai crypto exchange by Q4 2023 Crypto exchange OKX seeks to set up shop in France

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