Crypto Exchange Kraken Obtains Restricted Dealer Status in Canada

TL;DR

• Kraken is now registered as a restricted dealer in Canada.

• This will enable Kraken to offer free Interac e-Transfer deposits to Canadian users.

Kraken Becomes a Restricted Dealer in Canada

Kraken, one of the leading cryptocurrency exchanges in the world, has obtained a restricted dealer registration in Canada, enabling it to continue offering crypto trading services to Canadian users under the country’s evolving regulatory framework.

In its announcement, Kraken revealed that this latest development comes following a multi-year process that required exchanges to meet higher standards for investor protection and governance. 

“This achievement marks the culmination of a rigorous pre-registration undertaking (PRU) process, during which Kraken consistently enhanced its governance, security, and compliance protocols to meet the highest industry standards,” Kraken added.

The crypto exchange worked alongside Canadian regulators during this pre-registration phase, upgrading its compliance systems and internal controls to meet requirements the Ontario Securities Commission (OSC) put in place.

Furthermore, Kraken appointed Cynthia Del Pozo as general manager for North America. Del Pozo will handle strategy, regulatory engagement, and business development across the region.

While commenting on her appointment, Del Pozo stated that,

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products.”

The cryptocurrency exchange also revealed that it will offer free Interac e-Transfer deposits for Canadian users. The move is set to reduce friction for newcomers to the platform.