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.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.