- Kraken has decided to play ball with Canadian regulators.
- Binance, OKX, and others have formed a mini-exodus from Canada.
- The Canadian regulations have helped boost those who are happy to comply.
Regulatory pressure across North America has impacted the running of crypto businesses as both Binance and OKX have left the shores of Canada. However, there is a high reward for the exchanges that have stayed.
It has been revealed that Kraken’s customer deposits rose 25% in the wake of Binance’s announcement to depart Canada. Kraken also saw a fivefold increase in app downloads within a week of OKX leaving in March.
A Tighter Framework
Similarly to its southern neighbor, Canada has become a difficult place for crypto companies to operate in. In February, Canadian securities regulators strengthened oversight and enhanced expectations of crypto asset trading platforms operating in Canada.
The Canadian…
