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Seeking Alpha 2023-03-29 21:46:44

Coinbase said to be in talks with regulators to stay in Canada

U.S.-based cryptocurrency exchange Coinbase Global ( NASDAQ: COIN ) is in discussions with regulators about securing the appropriate license to continue operating in Canada as the country's umbrella markets watchdog seeks to stiffen rules for such platforms, CoinDesk reported Wednesday, citing a person familiar with the matter. The move came one week after Coinbase ( COIN ) received a warning that staff at the U.S. Securities and Exchange Commission recommended enforcement action against the firm for allegedly breaching securities laws. On the slip side, larger rival Binance is looking to exit Canada, where CEO Changpeng Zhao is a citizen, but no final decision has yet been made, a company spokesperson told CoinDesk. Fellow exchange, which has also been caught up in the recent market downturn, confirmed that it will pull out of Canada, the article said. Binance took the spotlight in recent days after it became the latest victim of the ongoing regulatory crackdown, having been sued by the U.S. Commodity and Futures Trade Commission on allegations that it was illegally operating in the U.S. The increased regulatory scrutiny roiled the crypto market Monday, when the suit became public knowledge, but traders appeared to have turned their attention away from the news in the sessions that followed.

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