Crypto exchange Kraken has filed a preregistration undertaking with the Ontario Securities Commission in Canada seeking restricted dealer status. U.S.-based Kraken is already active in Canada and is acting to comply with new guidance.

Kraken is registered in Canada as a money services business and has been operating there for over ten years. The Canadian Securities Administrators (CSA) implemented new guidance for crypto asset trading platforms on Feb. 22, requiring Kraken to file a preregistration undertaking legally committing it to observe new investor protections.

The new requirements crypto trading platforms will be subject to include new custody standards, restrictions on the use of leverage and a ban on trading stablecoin without prior written consent from the CSA.

(by Derek Andersen)