Binance to Close Business In Canada ByEvans KaranjaPRO INVESTOR Updated: 13 May 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage 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. More News You Can Now Top Up Your Phone With Shiba Inu (Shib) Binance Reveals New Feature To Bolster Trading, As BNB Keeps Recording Losses Regulations on Crypto are “Going to Bite” Financial Firms that Market to Consumers Wall Street Memes - Next Big Crypto Rating Early Access Presale Live Now Established Community of Stocks & Crypto Traders Featured on BeInCrypto, Bitcoinist, Yahoo Finance Rated Best Crypto to Buy Now In Meme Coin Sector Team Behind OpenSea NFT Collection - Wall St Bulls Tweets Replied to by Elon Musk Learn More Join Our Telegram channel to stay up to date on breaking news coverage