Binance to Close Business In Canada

Binance, a crypto exchange, has decided to cease operations in Canada due to the challenging regulatory environment. 

Binance Expresses Disappointment in Regulatory Changes

In a tweet on Friday, the company expressed disappointment in the regulatory changes affecting the Canadian blockchain industry. The new guidance related to stablecoins and investor limits rendered the Canadian market untenable for Binance. 

“Regrettably, due to recent guidelines pertaining to stablecoins and investor restrictions imposed on cryptocurrency exchanges, the Canadian market has become unsustainable for Binance,” stated the company in a tweet on Friday. “We had optimistic expectations for the future of the Canadian blockchain industry, but unfortunately, these developments have altered our outlook.”

Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.

We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.…

— Binance (@binance) May 12, 2023

The crypto trading platform would need to undergo various due diligence checks conducted by the CSA to obtain approval. Binance expressed disappointment with the recent regulations imposed by the Canadian Securities Administrators (CSA) in February. 

These guidelines prohibited crypto trading platforms in Canada from allowing customers to purchase or deposit stablecoins without prior approval from the CSA, which involved passing various due diligence checks. Despite disagreeing with the new regulations, Binance intends to collaborate with Canadian regulators to establish a regulatory framework for cryptocurrencies.

Binance has faced increased scrutiny from regulators in North America over the past year and seems to be scaling down its operations in the region. Earlier this year, the company considered severing ties with its U.S. business partners.

As Binance’s co-founder and CEO, Changpeng Zhao (“CZ”), is a Canadian citizen, the company’s exit from Canada holds sentimental value, further highlighting the significance of their decision.

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