{"id":393637,"date":"2023-05-13T11:07:40","date_gmt":"2023-05-13T11:07:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=393637"},"modified":"2023-05-13T11:07:40","modified_gmt":"2023-05-13T11:07:40","slug":"binance-to-close-business-in-canada","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/binance-to-close-business-in-canada","title":{"rendered":"Binance to Close Business In Canada"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Binance, a crypto exchange, has decided to cease operations in Canada due to the challenging regulatory environment.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Binance Expresses Disappointment in Regulatory Changes<\/span><\/h2>\n<p><span style=\"font-weight: 400\">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.&nbsp;<\/span><\/p>\n<p><i><span style=\"font-weight: 400\">&ldquo;Regrettably, due to recent guidelines pertaining to stablecoins and investor restrictions imposed on cryptocurrency exchanges, the Canadian market has become unsustainable for Binance,&rdquo; stated the company in a tweet on Friday. &ldquo;We had optimistic expectations for the future of the Canadian blockchain industry, but unfortunately, these developments have altered our outlook.&rdquo;<\/span><\/i><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.<\/p>\n<p>We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.&hellip;<\/p>\n<p>&mdash; Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1657099651210969088?ref_src=twsrc%5Etfw\">May 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The crypto trading platform would need to undergo various due diligence checks conducted by the CSA to obtain approval. Binance expressed disappointment with the <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/regulation-of-cryptocurrencies-in-canada-a-digital-dollar-stringent-licensing-and-bitcoin-etfs\"><span style=\"font-weight: 400\">recent regulations <\/span><\/a><span style=\"font-weight: 400\">imposed by the Canadian Securities Administrators (CSA) in February.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As Binance&rsquo;s co-founder and CEO, Changpeng Zhao (&ldquo;CZ&rdquo;), is a <\/span><a href=\"https:\/\/insidebitcoins.com\/ca\/buy-bitcoin\"><span style=\"font-weight: 400\">Canadian citizen<\/span><\/a><span style=\"font-weight: 400\">, the company&rsquo;s exit from Canada holds sentimental value, further highlighting the significance of their decision.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">More News<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/you-can-now-top-up-your-phone-with-shiba-inu-shib\"><span style=\"font-weight: 400\">You Can Now Top Up Your Phone With Shiba Inu (Shib)<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/binance-reveals-new-feature-to-bolster-trading-as-bnb-keeps-recording-losses\"><span style=\"font-weight: 400\">Binance Reveals New Feature To Bolster Trading, As BNB Keeps Recording Losses<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/regulations-on-crypto-are-going-to-bite-financial-firms-that-market-to-consumers\"><span style=\"font-weight: 400\">Regulations on Crypto are &ldquo;Going to Bite&rdquo; Financial Firms that Market to Consumers<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - Diversify Your Crypto Portfolio<\/p>\n                                    <\/div>\n                      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Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1907,"featured_media":393638,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7612,5321,7960,5597],"class_list":["post-393637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-binance","tag-bitcoin-regulations","tag-canada","tag-regulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance to Close Business In Canada - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Binance, has announced that it will be closing its operations in Canada. 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