Canadian crypto firms are trapped between two banking realities – ATB Financial, which welcomes bitcoins and atherium businesses and the country’s largest banks, who do not want to do anything with them.
On 6 February, Bloomberg Informed ATB Financial, a government -owned bank in Alberta, has become an important ally for Crypto companies in Canada, as most major Canadian banks hesitate to provide financial services to digital asset firms.
The move has made Alberta a growing center for blockchain businesses, aiming to generate revenue of $ 3.5 billion from Crypto and Tech by 2030.
The ATB, which reported $ 28.3 billion into the total deposit amount in 2024, quietly supported the Crypto industry for more than six years. In fact, during the 2021 Crypto Boom, many companies transferred to Alberta to gain access to ATB’s banking services.
However, despite the desire to work with the industry, ATB remains a small player than the six largest banks in Canada, which controls more than 90% federally regulated bank assets.
These major institutions have saved a large extent from the crypto firms, citing compliance concerns, regulatory uncertainty and risks associated with digital assets. The collapse of FTX (FTT) at the end of 2022 only strengthened their alert stance.
Since then, Canada’s financial regulators have monitored the Crypto industry. In August 2023, Canadian Securities Administrators and Canadian Investment Regulatory Organization issued a notice that required crypto platforms to register as investment dealers.
Many people in the industry hoped that increased regulation would allow more acceptance from banks, but this change has slowed down. Even with clear rules, banks remain reluctant to open their doors for crypto businesses.
Put it as Darcy Dabra, Chief Financial Officer of Bitcoin Minor Hive Digital Technologies:
“But with a limited partnership Canadian banks with limited partnership in Crypto, increased regulation may not change their risk.”
Growing division
Canada’s position is contrary to recent developments in the US, banking restrictions on crypto firms have been carried out by government policies rather than large -scale industry hesitation.
After Donald Trump’s return to the office in January 2025, his administration has taken several Pro Crypto stance. While it has opened the door for maximum financial access in the US, Canada’s banking sector remains largely precious, which keeps most of the crypto companies at the length of ARM.
In the meantime, the tension between Canada and the US has also been played in the market uncertainty. On 1 February, Trump imposed tariffs on Canadian goods, triggering a sales in financial markets including Crypto. Ethereum (Eth) and Bitcoin (BTC) saw a sharp decline.
However, Canadian Prime Minister Justin Trudeau has stabilized the market spirit after achieving a temporary 30-day stay on tariffs on 3 February.
