:strip_icc():format(jpeg)/kly-media-production/medias/3372967/original/061732600_1612924679-blockchain-3446557_640.jpg "Kraken Client Deposits Up To 25% After Binance Cs Withdrew From Canada")
Liputan6.com, Jakarta – Cryptocurrency exchange Kraken is reaping the rewards of its presence in Canada, after rivals such as Binance and OKX consider pulling out of the country.
Deposits from Kraken customers in the country increased by 25% in the weeks following Binance’s announced departure in early May 2023. Simultaneously, the company saw a fivefold increase in downloads of its two mobile apps for Canadian customers. within a week of OKX’s plans to leave in March.
Launch CoinDesk, On Thursday (1/6/2023), Canada tightened its regulatory framework for trading digital assets earlier this year, leading to the departure of some of the biggest crypto exchanges. Along with Binance and OKX, crypto firms Paxos, Blockchain.com, and Deribit have all announced their departures.
More recently, Bybit said goodbye earlier this week. Like Kraken, the Nasdaq-listed Coinbase (COIN) exchange said it was happy to commit to improving Canadian pre-registration (PRU). Compared to the lack of clarity in the US, Coinbase went so far as to say it was happy to work with a regulator the company could engage with.
The company’s managing director for Canada, Mark Greenberg, said Kraken has been in Canada for more than 10 years, employs more than 250 people there, and has been a financial services company in the country since 2019.
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