Coinbase praises Canada’s approach to cryptocurrencies, which includes making PRU (Product Regulatory Framework) mandatory. This move has resulted in Binance leaving the country.
Coinbase, a well-known cryptocurrency exchange, has expressed its approval of Canada’s approach. They appreciate the country’s clear regulations and the opportunity for companies to collaborate with regulators.
On the other hand, Coinbase points out the United States’ unclear and enforcement-focused regulations, which have resulted in an ongoing disagreement with the Securities and Exchange Commission (SEC).
The increased regulatory scrutiny in the United States has worried many companies and investors, causing them to consider moving to other countries with more favorable regulations.
Binance, a cryptocurrency exchange, has decided to leave Canada due to the regulatory pressure exerted by the country.
Canada’s introduction of the Pre-Registration Undertaking (PRU) system for crypto exchanges, alongside the regulatory situation in the United States, has caused several significant players, including Binance, to exit the country.
When asked about the difference between Canada’s PRU system and the regulatory situation in the United States, Nana Murugesan, Vice President of International and Business Development at Coinbase, stated that they prefer Canada’s approach.
According to Murugan, regulators can take two approaches: engaging with industry participants to shape regulations or resorting to enforcement actions to ensure compliance.
Coinbase has been actively expressing its views and advocating for a well-defined regulatory framework in the United States.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
