Coinbase stock flashed a buy signal for aggressive investors early Thursday as the cryptocurrency exchange expands north.
San Franciso-based Coinbase announced Thursday it can legally operate in Canada after registering in Ontario under the Canadian Securities Administrators. The CSA is an umbrella organization for Canada's securities regulators.
Coinbase said it is the first and largest international crypto exchange to receive a restricted dealer registration in the country. The company formally launched in Canada in August as part of its "Go Broad, Go Deep" international expansion strategy.
"Throughout this process, Coinbase has closely collaborated with Canadian regulators to establish a policy framework that serves as a global benchmark," Lucas Matteson, country director for Coinbase Canada, wrote in a blog post. "We applaud their efforts to bring clarity to the industry. Furthermore, we've collaborated with Canadian banks, investment advisors and pension funds to demonstrate our dedication to facilizing their successful navigation of the evolving digital asset realm."
Last year, Canada introduced new guidelines for cryptocurrency exchanges that require mandatory registrations and limit how much certain investors can invest in crypto. The changes prompted Coinbase rival Binance to withdraw from Canada in May. Binance claimed the policies "made it impossible for the exchange to continue operating in Canada while ensuring the safety and protection of its users."
Coinbase Stock
Coinbase stock swung 2.5% higher early Thursday to bounce further off its 21-day exponential moving average and close in on its 10-day line. Shares have rebounded after testing their 21-day line twice since March 19, indicating a level of short-term support.
Aggressive investors could use the move off the 21-day line as a buying opportunity.
Coinbase stock rallied more than 49% so far this year.
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