Coinbase Taps Shopify Exec to Lead Canadian Expansion, Invests in Local TechAllgemein
• Coinbase cryptocurrency exchange has appointed a former executive from Shopify as its new country director in Canada.
• Coinbase is investing significant resources in local Canadian innovation and has signed an enhanced Pre-Registration Undertaking (PRU).
• The CSA recently announced that it will tighten requirements for cryptocurrency exchanges operating in the country, leading to some platforms leaving Canada.
Coinbase Hires Former Shopify Executive for Canadian Expansion
Coinbase cryptocurrency exchange has appointed a former executive from Shopify as its new country director in Canada. Lucas Matheson brings a wealth of experience from his time at Shopify and with leading financial institutions in Canada, and can also help the exchange with its planned expansion.
Investment into Local Canadian Innovation
Coinbase has also committed to investing significant resources in local Canadian innovation by hiring over 200 engineers to scale up a tech hub. Additionally, global leadership team members will be making frequent trips to Canada to engage with regulators, partners, and the community.
Pre-Registration Undertaking With CSA
The company has signed an enhanced Pre-Registration Undertaking (PRU) in Canada, which is required by Canadian Securities Administrators (CSA) members as a precondition to members allowing unregistered crypto asset trading platforms (CTPs) to continue to operate. Coinbase supports Canadian regulators’ efforts to bring clarity to the industry.
CSA Tightens Requirements for Crypto Exchanges
Following the announcement of increased regulations, crypto exchange OKX informed its Canadian users via email that it will no longer provide services or allow users to open new accounts starting March 24th 2021 due to these new regulations. There have also been reports that Binance plans on leaving Canada amid souring regulatory conditions.
Coinbase’s recent moves show that despite regulatory uncertainty, it is still determined on expanding its operations in Canada while supporting any efforts made by regulators aimed at bringing clarity within the industry.