Kraken, the U.S.-based cryptocurrency exchange, has filed a pre-registration undertaking with the Ontario Securities Commission as it works towards becoming a registered Restricted Dealer across Canada. The move comes as Canada tightens its rules governing crypto exchanges and sets a deadline for exchanges to commit to a set of enhanced pre-registration undertakings (PRU). Kraken has served Canadian clients for over 10 years and has over 250 team members based in Canada. The exchange had been registered as a money services business in Canada with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) since 2019.

A person with knowledge of the matter, who asked to remain anonymous, said Binance will probably pull out of Canada. However, a spokesman for Binance – whose CEO, Changpeng Zhao, is a Canadian citizen – said the exchange “has not made definitive plans yet.”

Coinbase, which is based in the U.S., is discussing getting the appropriate license to keep doing business in Canada, according to the person, who requested anonymity.

Canada's national government said that federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry.

On Mar. 20, cryptocurrency exchange OKX informed Canadian users via email the firm "will no longer provide services or allow users to open new accounts in Canada starting on Mar. 24, 2023, 12:00 AM EST," citing "new regulations." According to OKX, existing Canadian customers must close open positions in options, margins, perpetual, and futures by June 22, 2023. Fiat or tokens must also be withdrawn by the said date.

Canadian crypto miner Pow.re secured a contract for 100 megawatts (MW) of power in Paraguay, one of a handful that have been granted by the country's national utility (ANDE).

As per the brokerage highlights, February 2023 has shown a dip in its DARTs (Daily Average Revenue Trades), which have been noted at 2.121 million. The record shows an overall decrease in DARTs of 15% compared to February 2022, but the numbers also came with a positive side as they are 7% higher than the previous month.

The Canadian Securities Administration (CSA) released a notice on Feb.22 requiring crypto exchanges that plan to operate nationwide to undergo a pre-registration process within 30 days.

Investment manager ARK has added a total of around $13.2 million worth of Coinbase (COIN) shares.

Cryptocurrency companies in Canada and those planning to operate in the country have 30 days to meet updated crypto registration guidelines that were released on Wednesday, or risk losing their Canadian users.