Kraken has officially obtained a Restricted Dealer registration in Canada, reaffirming its commitment to serving Canadian crypto investors while adhering to “enhanced investor protection guidance for crypto exchanges.”
Kraken also welcomes Cynthia Del Pozo as their new General Manager for North America.
Cynthia will lead Kraken’s next phase of growth “across Canada, strengthening our regulatory, political, and commercial relationships as we continue to scale our presence across North America.”
To mark this new chapter and reaffirm commitment to Canada, they’re now offering free Interac e-Transfer deposits “to all Canadian clients, furthering our efforts to make crypto investing more accessible, affordable and seamless.”
This marks the culmination of a “pre-registration undertaking (PRU) process, during which Kraken enhanced its governance, security, and compliance protocols to meet the highest industry standards.”
As a result, Canadian clients benefit from a “solid regulatory foundation, ensuring access to some of the most innovative and secure crypto products in the local ecosystem under the supervision of the Ontario Securities Commission (OSC).”
Over the past two years, Kraken’s Canadian operation has grown, reinforcing its commitment to the market and our clients:
- Doubled both our team size and monthly transacting users during the PRU process
- Exceeded $2 billion CAD in combined client assets under custody
- Expanded support for many popular cryptoassets, while offering several
- CAD spot trading pairs, allowing Canadians to trade crypto without incurring costly FX fees.
- Positioned ourselves to unlock institutional demand for high-quality crypto products and services
Canada has played a key role in the global crypto adoption, being the first country to:
- Install a public Bitcoin ATM in downtown Vancouver
- Launch spot Bitcoin and Ethereum ETFs in 2021
Crypto adoption is accelerating in Canada, signaling long-term confidence in the crypto asset class:
- 30% of Canadian investors have or currently hold cryptoassets, according to Innovative Research Group’s 2024 Investor Survey
- 30% of Canadian institutional investors had crypto exposure, according to a KPMG Canada survey
- 54% of Canadians can define crypto, up from 51% in 2022, according to the OSC’s 2023 estimates.
- 34% believe crypto will be a key part of the future of finance.
As reported last month, Kraken secured an Electronic Money Institution (EMI) authorization from the U.K.’s Financial Conduct Authority (FCA).
This milestone for their U.K. operation “accelerates growth plans and unlocks opportunities to launch more products and services to meet the evolving needs of U.K. clients.”
Their EMI license strengthens their market position in the U.K. “by allowing them to issue electronic money, facilitating faster deposits and withdrawals for clients.”
This serves as a launchpad for future growth, while “creating opportunities to build partnerships with traditional financial institutions.”
This builds on Kraken’s momentum in “securing key regulatory approvals and licenses, including their recent EU MiFID license, which paves the way to serve advanced European crypto traders with a regulated derivatives offering.”
Their EMI license in the U.K. reaffirms their “commitment to security and compliance protocols, ensuring they meet the FCA’s regulatory standards.”
This comes at a pivotal moment in the U.K., as “more adults are diversifying into crypto as part of a broader portfolio.”
FCA research shows that over “seven million U.K. adults – roughly 12% of the adult population – now own crypto, with awareness and average portfolio values increasing year-over-year.”
This enthusiasm, combined with the “expansion and enhancements to the U.K. offering, has fueled successes for Kraken in the U.K.”
The U.K. has become one of their “most active markets globally by trading volume.”
In the U.K. they reportedly offer more than 300 crypto assets for trading.
They claim to be the first major exchange to “provide a BTC/GBP trading pair in 2014, and we remain a market leader in GBP-denominated volumes.”
They offer multiple fiat onramps and GBP trading pairs, “making it easier than ever for U.K. clients to seamlessly access crypto.”
Kraken will unveil several crypto and fiat products designed to “empower U.K. users to build wealth through crypto and unlock accessible ways for them to use all the assets in their Kraken account as a source of liquidity.”
As reported by Bloomberg in late March 2025, Kraken is said to be considering a significant financial move by exploring a debt package of up to $1 billion.
This initiative, still in its preliminary stages, is being facilitated by prominent financial institutions Goldman Sachs Group Inc. and JPMorgan Chase & Co.
The potential debt raise is seen as a strategic step ahead of a possible initial public offering (IPO), which could occur as early as the first quarter of 2026, buoyed by a more favorable U.S. regulatory environment under President Donald Trump.
Kraken, founded in 2011 and based in San Francisco, has demonstrated growth, reporting $1.5 billion in revenue for 2024—a 128% increase from the previous year—and serves over 10 million users globally.
This move follows Kraken’s recent $1.5 billion acquisition of futures broker NinjaTrader, signaling its intent to expand into traditional finance.
While representatives from Kraken, Goldman Sachs, and JPMorgan declined to share key details, the debt package could bolster Kraken’s growth initiatives, positioning it as a key player in the crypto market as it prepares for a potential public debut.