Coinbase Hires Former Shopify Exec to Lead Crypto Expansion in Canada

• Coinbase cryptocurrency exchange has appointed a former executive from Shopify as its new country director in Canada.
• The company has hired over 200 engineers in the country to scale up a tech hub and signed an enhanced Pre-Registration Undertaking (PRU) to comply with Canadian Securities Administrators (CSA).
• Other crypto exchanges like OKX and Binance are leaving the Canadian market due to tightening regulations.

Coinbase Taps Former Shopify Executive For Canadian Expansion

Coinbase cryptocurrency exchange has appointed Lucas Matheson, a former executive from Shopify, as its new country director in Canada. This move is part of Coinbase’s strategy to adjust to the evolving regulatory landscape in Canada. Furthermore, the company is investing significant resources in local Canadian innovation by hiring over 200 engineers for its tech hub.

Signing Enhanced Pre-Registration Undertaking (PRU)

In addition, Coinbase recently signed an enhanced Pre-Registration Undertaking (PRU) with members of the Canadian Securities Administrators (CSA). This PRU is required for unregistered crypto asset trading platforms (CTPs) to continue operating within the country. The exchange also expressed its support for regulators‘ efforts to bring clarity to the industry.

Other Crypto Exchanges Leaving Canada

Following CSA’s announcement of tighter requirements for cryptocurrency exchanges operating in Canada, other crypto exchanges such as OKX have informed their users that they will no longer provide services or allow them open new accounts starting on Mar. 24, 2023. Similarly, reports suggest that Binance, one of the world’s largest crypto exchanges by trading volume, plans on leaving Canada due to souring regulatory conditions.

Coinbase Considering Overseas Trading Platform

Amidst tightening regulations in the U.S., Coinbase is also considering setting up a digital asset exchange overseas where it can list tokens not currently available on its platform and operate outside of existing regulatory frameworks back home.

Conclusion

In conclusion, Coinbase continues taking measures towards expanding across Canada despite moves by the country aimed at tightening rules around crypto amidst some high profile digital asset firm collapses recently. As other crypto exchanges leave due to souring regulation conditions, Coinbase remains committed towards working with policymakers on creating a strong crypto regulatory framework for Canadians while exploring opportunities overseas as well