Binance pulls out of Canada amid new crypto regulations

Binance said on Friday it was withdrawing from Canada,

weeks after the country issued a series of new guidelines

for cryptocurrency exchanges including investor limits

and mandatory registrations.

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The most important details

The most important details

Canada has tightened regulations for crypto asset trading platforms in recent months,

with the introduction of a pre-registration process.

The companies that do not adhere to the rules will face potential enforcement action,

according to the website of the Ontario Securities Commission.

“Unfortunately, (the) new guidance related to stablecoins and

investor limits provided to crypto exchanges makes the Canada market

no longer tenable for Binance at this time,”

crypto exchange Binance said in a tweet.

Binance said it does not agree with the latest guidance and

hopes to engage with the Canadian regulators to create a comprehensive

framework for crypto operations in the country.

“We are confident that we will someday return to the market

when Canadian users once again have the freedom to access a broader

suite of digital assets,” said the crypto exchange,

founded by Canadian national Changpeng Zhao.

The digital assets industry has been in the crosshairs of regulators around the world,

especially since the collapse of Binance-rival FTX in November,

which triggered a market rout in the prices of the biggest digital coins.

Following the onset of the crypto winter of 2022,

which wiped out more than a trillion dollars from the industry’s market value,

lawmakers and securities regulators demanded tighter guidelines

for disclosures on how the crypto companies operate and hold customer funds.

In March, Binance and its CEO Zhao were sued by

the U.S. Commodity Futures Trading Commission for operating

what the regulator alleged was an “illegal” exchange

and a “sham” compliance program.

article name Binance pulls out of Canada amid new crypto regulations

Binance pulls out of Canada amid new crypto regulations