Registration will allow the Kraken exchange to continue the provision of cryptocurrency trading services for Canadian users.
Unlike the status of an investment dealer or a manager of an investment fund, a limited dealer status is a special category intended for companies that “do not fully comply with standard classifications” and fall under special conditions and requirements of securities regulators.
For Kraken, the procedure for obtaining a limited dealer’s status began in 2023 with the submission of preliminary registration liabilities to the OSC (Pre-Segistration Undertaking, PRU). This step was the result of the introduction of Canadian securities (Canadian Securities Administrators, CSA) of new standards that demand from the cryptocurrency platforms present in the country to bring the level of control and protection of investors in accordance with the requirements of transparency.
A similar statement to the OSC was submitted by the Gemini exchange, a direct competitor to the Kraken exchange in the Canadian market. However, in December 2024, it became known that the Gemini administration and Canadian regulators could not come to consensus and the cryptocurrency platform announced leaving the country.
Source: Bits
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