**Crypto Trading Platforms in Canada Face Regulatory Deadline**

Canadian crypto trading platforms (CTPs) are racing against the clock to complete their paperwork and become full-fledged investment dealers. The Canadian Investment Regulatory Organization (CIRO) and Canadian Securities Administrators (CSA) have reminded CTPs of the looming deadline.

**Key Points:**

- CTPs, which facilitate trading of crypto assets, were given an interim period starting in March 2021 to operate as restricted dealers while working towards CIRO membership.

- The grace period is ending, and CTPs must now join CIRO and comply with its rules.

- New CTPs won't receive an interim period and must register in individual jurisdictions.

**Notable Developments:**

- Coinsquare became the first CTP to gain CIRO membership, having applied in November 2020 and received approval in October 2022.

- The CSA has tightened regulations, especially after the 2022 bear market, affecting stablecoins and customer protections.

- Some exchanges like Kraken and Gemini have adapted to the new rules, while others like OKX, dYdX, Paxos, ByBit, and Binance have exited the Canadian market.

Canada's regulatory landscape for crypto is evolving, with the CSA issuing further guidance for investment firms holding crypto. The country has had spot Bitcoin exchange-traded funds since 2021.