Kraken secures restricted dealer registration in Canada

Cryptocurrency exchange Kraken has obtained a new registration in Canada at its latest compliance milestone.

Kraken has received a restricted dealer registration in Canada, reaffirming its commitment to serving Canadian investors, the company said in an announcement shared with Cointelegraph on April 2.

The registration comes as Kraken handles more than $2 billion in Canadian dollars ($1.4 billion) combined assets under custody for its Canadian users.

In conjunction with the registration, Kraken announced the appointment of Cynthia Del Pozo as the new general manager for North America. Before joining Kraken in 2025, Del Pozo served as head of strategy at Winklevoss twins’ Gemini, which exited the Canadian market in late 2024.

Restricted dealer registration is subject to specific requirements

According to the Canadian Securities Administrators (CSA), restricted dealer registration is one of the eight-firm registration types in Canada, telling investors what products and services they can offer.

Unlike an investment dealer or investment fund manager, restricted dealer registration is a special registration used for firms that “do not quite fit under any other category” and is subject to specific requirements or conditions by securities regulators.

In the announcement, Kraken said that the registration enables its Canadian clients to benefit from a solid regulatory foundation, ensuring that its platform is supervised by the Ontario Securities Commission (OSC).

Rival Gemini exchange exited Canada in late 2024

Kraken’s strengthening commitment to the Canadian market comes months after rival Gemini exchange departed from the country by the end of 2024.

Gemini’s abrupt exit from Canada was unexpected to many, raising questions about the clarity of cryptocurrency regulation policies in the country.

Kraken’s new North America general manager, Del Pozo, spent three years working at Gemini Canada, with the most recent position as head of strategy and corporate development, according to her LinkedIn profile.

Despite Gemini’s shutdown in Canada, Del Pozo is optimistic about the state of the local crypto market.

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” she said in the announcement, adding:

“I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Cynthia Del Pozo, Kraken’s General Manager for North America.”

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