Cryptocurrency exchange Coinbase officially launched in Canada in August and is expanding its service offerings amid a promising local crypto climate.
Cryptocurrency exchange Coinbase announced an expansion of its services offered to Canadian users on Aug. 14 through a partnership with local financial services company Peoples Trust Company.
Coinbase integrated the option for 100% of its users to deposit and withdraw money from their accounts via the Interac e-Transfer service. According to the exchange, this feature was the most requested update from Canadian users since launching in the country earlier in August.
Nana Murugesan, vice president for international and business development at Coinbase, commented on Canada’s appeal in the crypto industry:
“Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework.”
The exchange also said it sees the Canadian market as its next “Go Deep Market” and cited a survey from the Ontario Securities Commission that claims more than 30% of Canadians said they’ll buy crypto within the year.
Coinbase’s entrance into the Canadian crypto market comes after both crypto exchanges Binance and ByBit left the country, citing tightening regulations from local leaders.
The Canadian Securities Administrators introduced regulations that mandated cryptocurrency exchanges sign on to several terms and conditions while their applications were still under review. According to Bloomberg, Coinbase was one of 11 exchanges that signed on to pre-clearance rules back in March.
Related: Coinbase earnings show the company is now much more than just an exchange
Coinbase’s expansion into Canada comes as the exchange continues to fight legal battles with legislators in the United States.
On Aug. 4, the company filed an order seeking the dismissal of its ongoing lawsuit with the U.S. Securities and Exchange Commission.
Despite the company’s legal troubles in the U.S., Coinbase CEO Brian Armstrong reportedly said on Aug. 4 that a departure from the country is “not even in the realm of possibility right now.”
However, Armstrong has also previously mentioned relocating Coinbase's headquarters outside of the U.S. for a more crypto-friendly regulatory environment.
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