Kraken Gains Restricted Dealer Status in Canada After Gemini Exit

YEREVAN (CoinChapter.com) — Kraken has secured a restricted dealer registration in Canada, the company confirmed on April 2. Specifically, the license was granted under the supervision of the Ontario Securities Commission (OSC).

With this approval, Kraken Canada reinforces its presence in the country’s crypto market. The company currently manages over $2 billion CAD ($1.4 billion) in combined assets under custody for Canadian users.

The registration is part of the Kraken’s effort to operate under the latest Canadian crypto regulation framework, as other exchanges like Gemini have exited the country.

Restricted Dealer Registration Explained

The Canadian Securities Administrators (CSA) defines restricted dealer registration as one of eight types of firm registrations in Canada.

Notably, this license is issued to companies that do not fit under traditional categories such as investment dealers or fund managers. In addition, firms with this registration are required to meet specific conditions defined by securities regulators.

By securing this license, Kraken Canada can legally offer products and services while also complying with the guidelines issued by the OSC.

OSC Will Oversee Kraken’s Operations

With the restricted dealer registration in place, the Ontario Securities Commission will regulate Kraken’s Canadian platform.

The company said the new license provides a stronger legal foundation to serve its clients. It added that this move comes at a time of increased scrutiny and regulation in the Canadian crypto regulation landscape.

Regulators have recently tightened rules, prompting some exchanges to either leave or restructure their Canadian operations.

Gemini Canada Exit Followed by Leadership Shift

Gemini, a competing U.S.-based exchange, exited the Canadian market in late 2024. Interestingly, the company gave no detailed explanation for the exit.

The departure came after increased regulatory requirements under the Canadian crypto regulation system. The exit surprised many users and highlighted the pressure exchanges face in the country.

Following the exit, Kraken Canada has taken steps to expand operations, including leadership changes.

Cynthia Del Pozo Joins Kraken After Gemini Canada Exit

Cynthia Del Pozo has been appointed as Kraken’s general manager for North America. She joined the company in 2025 after leaving Gemini, where she served as head of strategy and corporate development.

Del Pozo spent three years at Gemini Canada, overseeing strategy and corporate direction. In the announcement, she commented on the local 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 also stated:

“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.”

Kraken Stays as Others Exit Canadian Crypto Market

As Gemini Canada exit finalized in 2024, Kraken has moved to grow its presence under the current Canadian crypto regulation model.

Moreover, with Cynthia Del Pozo in a leadership role and the OSC overseeing operations, Kraken Canada plans to continue serving clients under new regulatory terms.

Above all, the Kraken restricted dealer registration allows the company to maintain access to the Canadian market while also meeting compliance demands defined by Canadian regulators.