Kraken Reaffirms Commitment to Driving Crypto Adoption in Canada

Pre-registration undertaking with Ontario Securities Commission reinforces long-term commitment to Canadian market

TORONTO--(BUSINESS WIRE)--Kraken, one of the world’s longest-standing and most trusted crypto platforms, announces it has filed a pre-registration undertaking with the Ontario Securities Commission as it works towards becoming a registered Restricted Dealer across Canada. This undertaking demonstrates Kraken’s commitment to comply with the Canadian Securities Administrators’ recently enhanced investor protection guidance.

“Canada as a geography is critical to our mission to empower people with new ways to connect and transact,” said David Ripley, Kraken’s Chief Operating Officer and incoming CEO. “Trading platforms that prioritize compliance and secure trading experiences will have more success advocating for crypto’s economic benefits and transformative potential for crypto traders and investors.”

The relationship between Canadians and traditional financial services providers creates a unique opportunity for the crypto industry. Data suggests that close to 15%, roughly five million, of Canadians are underserved by the existing banking sector, and a further one million have no access to mainstream financial services at all. Those with banking access face costly administrative fees and lengthy settlement times for transactions. Meanwhile, Canadians are receptive to the crypto sector. According to a 2022 Ipsos study of Canadians, 38% believe crypto assets play a key role in financial services, and 13% currently own cryptoassets.

“We want both existing and prospective clients to know Kraken remains committed to Canada,” said Mark Greenberg, Managing Director for Canada at Kraken. “As we forge this new regulatory path, we’ll continue engaging with our local regulators to enhance understanding of crypto’s economic benefits and transformative potential. We believe in offering clients a compliant trading platform that leverages our robust security protocols, unrivaled 24/7, live customer services support, industry-leading liquidity and a superior product offering.

Kraken is an industry-leading digital asset platform that has served Canadian clients for over 10 years. With over 250 team members based in Canada - making it one of the largest crypto employers in the country - Kraken provides a customizable trading experience for all levels of Canadian crypto traders. Kraken has been registered as a money services business in Canada with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) since 2019.

The platform offers more than 175 digital assets to trade on a global spot market through its mobile app and online trading platform. Kraken clients can take advantage of five CAD trading pairs, transparent fees and tight trading spreads. The platform also offers direct access to Canadian order books ensuring one of the fastest and most seamless crypto trading experiences in Canada today.

Over the coming months, Kraken will be making certain changes to services in Canada and will notify clients prior to any changes that will impact trading experience.

About Kraken:

Kraken is one of the world’s longest-standing digital asset platforms. Globally, Kraken’s client base trades more than 200 digital assets and 6 different fiat currencies, including GBP, EUR, USD, CAD, CHF and AUD.

Kraken, over 2,000 strong, was founded in 2011, and is trusted by over 10 million clients worldwide with round-the-clock online support. As part of Kraken’s high bar for transparency and earning its clients’ trust, it was the first company to conduct Proof of Reserves audits.

Kraken is backed by investors including Tribe Capital, SkyBridge, Hummingbird Ventures, Blockchain Capital, Digital Currency Group, among others.

Kraken markets can be monitored and traded via the web or through the Kraken Pro iOS and Android apps, and through the Cryptowatch iOS, Android and Desktop apps.

For more information about Kraken, please visit www.kraken.com.