Kraken News: Kraken Secures Restricted Dealer Status in Canada Amid Tightening Regulatory Framework

In a significant move that underscores the evolving regulatory landscape for cryptocurrency exchanges in Canada, Kraken has successfully secured restricted dealer status. This achievement allows the exchange to continue offering its services to Canadian users while adhering to stringent investor protection and governance standards.

Kraken Secures Restricted Dealer Status in Canada

Crypto exchange Kraken has registered as a restricted dealer in Canada, enabling it to continue offering crypto trading services to Canadian users under the country’s evolving regulatory framework. The registration follows a multi-year process requiring exchanges to meet higher standards for investor protection and governance. Kraken worked closely with Canadian regulators, upgrading its compliance systems and internal controls to meet expectations set by the Ontario Securities Commission (OSC). To lead its Canadian expansion, Kraken appointed Cynthia Del Pozo as general manager for North America.

Ripple Launches RLUSD Stablecoin on Kraken, XRP Price Dips

Ripple has introduced its RLUSD stablecoin to the market through its launch on Kraken cryptocurrency exchange. The USD-pegged stablecoin aims to boost Ripple’s cross-border payment functions and integrate with its payment platform. Since its launch in December, RLUSD has achieved a market capitalization of $250 million. Ripple has also locked 700M XRP tokens in escrow, impacting XRP’s price. RLUSD is being used in cross-border payments with key partners such as BKK Forex and iSend, improving their treasury functions which could drive more adoption.