Platforms are expected to provide the pre-registration undertaking while working toward registration with Canadian regulators. Companies who don't comply with the new pre-registration requirements will have to close Canadian accounts and prohibit Canadian users from accessing their services.
Canadian regulators tighten rules for crypto exchanges
New guidance from the Canadian Securities Administrators requires any crypto asset trading platforms (CTPs) operating in Canada without formal registration to commit to "pre-registration undertakings". These require them to comply with expectations around crypto asset custody and segregation, prohibitions on margin or leverage trading, and a ban from allowing customers to purchase or deposit stablecoins without express permission from the CSA.