Coinbase Applauds Canada’s Crypto Strategy Amidst Growing US Regulatory Scrutiny

• Coinbase applauds Canada’s cryptocurrency strategy.
• The statement comes amid rising scrutiny by US regulators.
• Canada has also made PRU mandatory, pushing Binance out of the country.

Coinbase (COIN), a prominent crypto exchange, expresses its positive view of Canada, citing the presence of clearly defined regulations and the ability for companies to engage with regulators.

In contrast, the company highlights the lack of clarity and enforcement-driven regulation in the United States, which has led to an ongoing dispute with the Securities and Exchange Commission (SEC).

The intensified regulatory scrutiny in the U.S. has raised concerns among various companies and investors, prompting them to explore the option of relocating to alternative jurisdictions.

Canada’s pressure pulls Binance from the country

In addition to the regulatory landscape in the United States, Canada has also implemented the Pre-Registration Undertaking (PRU) regime for crypto exchanges, which has resulted in the departure of several major players from the country, including Binance.

When questioned about the comparison between Canada’s PRU and the regulatory situation in the United States, Nana Murugesan, Vice President of International and Business Development at Coinbase, expressed a preference for Canada’s approach.

Murugan told CoinDesk that: “There’s a couple of ways we see regulators acting: one is regulation by engagement; the other one is regulation by enforcement.”

Coinbase has been doing its part in voicing its opinion to bring in a clear-cut regulatory framework in the US.