U.S.-based cryptocurrency alternate Coinbase International (NASDAQ:COIN) is in discussions with regulators about securing the suitable license to proceed working in Canada because the nation’s umbrella markets watchdog seeks to stiffen guidelines for such platforms, CoinDesk reported Wednesday, citing an individual acquainted with the matter.

The transfer got here one week after Coinbase (COIN) acquired a warning that employees on the U.S. Securities and Change Fee beneficial enforcement motion in opposition to the agency for allegedly breaching securities legal guidelines.

Bigger rival Binance can also be looking for registration in Canada. “Binance is actively engaged with the Canadian Securities Directors in its pursuit of registration,” an organization spokesperson instructed Looking for Alpha. Earlier, CoinDesk had reported that the corporate was contemplating exiting Canada, which the spokesperson instructed Looking for Alpha is wrong.

Fellow alternate Blockchain.com, which has additionally been caught up within the current market downturn, confirmed that it’s going to pull out of Canada, the article mentioned.

Binance took the highlight in current days after it turned the newest sufferer of the continued regulatory crackdown, having been sued by the U.S. Commodity and Futures Commerce Fee on allegations that it was illegally working within the U.S.

The elevated regulatory scrutiny roiled the crypto market Monday, when the go well with turned public information, however merchants appeared to have turned their consideration away from the information within the classes that adopted.