New rules grant more time for Canadian crypto platforms to comply.
New rules grant more time for Canadian crypto platforms to comply. Read MoreCrypto Regulations
Canada’s securities regulator has extended the compliance deadline for crypto trading platforms, pushing it to the end of 2024.
This follows ongoing concerns over the risks of fiat-pegged stablecoins, with the CSA citing investor protection as a priority.
Initially set for October, the new deadline grants exchanges more time to align with regulatory requirements or propose safer alternatives.
Stablecoins, often used for their 1:1 peg to traditional currencies, have become a regulatory headache, especially after past collapses like TerraUSD that left investors vulnerable.
If platforms fail to comply by year-end, they could face penalties, including being barred from offering certain products to Canadian users.
Major global players such as Binance, KuCoin, and Poloniex have already been forced to exit Canada over the past few years.
Binance left Canada in May 2023, citing difficulties with new regulations such as a trading limit and restrictions on stablecoins like USDT.
KuCoin and Poloniex were banned in Canada in 2022 following enforcement actions by the Ontario Securities Commission (OSC). Both exchanges failed to meet Canadian securities law requirements.
Despite the challenges, licensed exchanges like Kraken, Coinbase, and Bitget continue to operate under these tighter regulations.
Crypto market movers
Bitcoin is down 0.3% today to trade at $64,681.Ethereum is down 0.3% in the last 24 hours, trading at $2,673.
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