Kraken Pro Enables WIF and PEPE Trading in Canada
Kraken Pro boosts Canadian crypto trading with WIF and PEPE listings, seizing opportunities after Binance's market exit.
Highlights:
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Kraken lists WIF and PEPE for Canadian users.
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Binance’s exit boosts Kraken's market share in Canada.
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Kraken aims for a restricted dealer license in Canada.
Kraken Pro has added two popular meme coins, WIF and PEPE, for Canadian users. WIF was first listed in February, while PEPE made its debut last May.
With these new additions, Kraken is strengthening its presence in Canada's growing crypto market.
Expanding Services in Canada
In August, Kraken added $WIF and $PEPE as collateral for futures trading, alongside other products. This move follows the departure of Binance from Canada, which allowed Kraken to capture a larger market share.
Since Binance’s exit, Kraken has seen a rise in deposits. Having operated in Canada for over ten years, Kraken offers various CAD trading pairs and employs thousands of people in the country.
Last March, Kraken took a major step by filing a pre-registration with the Ontario Securities Commission. This filing moves Kraken closer to securing a restricted dealer license in Canada.
While Coinbase secured this license in April, Kraken is working to achieve the same goal. The exchange emphasizes the importance of Canada in the global crypto market.
A survey showed that over a third of Canadians believe crypto can be used for financial services. However, fewer than 20% of Canadians use crypto for daily purchases.
Legal Troubles in the U.S.
Kraken is making significant progress in Canada, but it faces legal challenges in the U.S. Last November, the SEC filed a lawsuit against the exchange.
Even with these legal setbacks, Kraken continues to expand its services, especially with the growing popularity of meme coins like WIF and PEPE. These new listings, combined with Kraken's efforts to navigate Canadian regulations, position the exchange as a key player in the country’s crypto space.
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