Coinbase Praises Canada, Sees Market Opportunities
Coinbase is kind of happy that Binance was forced to leave the Canadian market and is feeling good about the country’s regulatory market.
Just recently, GNCrypto reported that American crypto behemoths, Coinbase included, are tired of the US.
The crypto exchange's recent interview reiterates that impression. The company which is gearing up for litigation with the US Securities and Exchange Commission (SEC) has praised US northern neighbor Canada.
According to the exchange, the country, unlike the US, has a very clear regulatory framework for companies to engage with watchdogs.
“There’s a couple of ways we see regulators acting: one is regulation by engagement; the other one is regulation by enforcement,” VP of international and business development at Coinbase Nana Murugesan said. “The latter part is tough because you don’t know what the rules are. But the Canadian regulator is definitely the former, which is regulation by engagement – which we love.”
Though Canada is also trying to further regulate the crypto industry using its Pre-Registration Undertaking regime for crypto exchanges, as a result of which several big crypto players like Binance left the market, Coinbase still prefers the country.
With regulatory clarity provided by regulators and Binance out the way, Canada presents a solid opportunity for Coinbase where it has around 200 engineers employed.
“We don’t comment on our competitors,” said Murugesan in the interview. “But every company has its own path, and I think the developments in Canada are fitting our playbook quite well.”
Previously, GNCrypto interviewed Zapper’s ops lead Marc-Antoine Proulx and asked him about the regulatory situation in Canada. He said, “in Canada, we always feel the impact of the US movements. Our economies are very intertwined. But we didn’t have any roadblocks so far.”
