Binance halting operations in Canada
Binance said in an article: May 12 It tweeted that it was suspending operations in Canada.
The cryptocurrency exchange said it would join other cryptocurrency companies that are “aggressively exiting the Canadian market.”
Binance said Canada is a small market that offers “emotional value,” adding that it is optimistic about the development of the country’s cryptocurrency sector.
But the company said recent regulatory guidance in Canada made it impossible to operate there, and said it delayed its departure as long as possible.
Binance does not agree with the new guidance, but will continue to work with Canadian regulators and eventually enter the market “when Canadian users are once again free to access an extensive suite of digital assets.” He said he intended to return.
Canadian cryptocurrency outflow
In February, Canada’s securities regulator enacted new guidance requiring cryptocurrency companies to submit pre-registration applications and comply with certain rules.
Specifically, cryptocurrency companies operating in Canada are now required to segregate funds belonging to Canadian users and to withhold margin and leveraged trading from those users.
Other cryptocurrency companies that have exited the Canadian market include Paxos, dYdX, Blockchain.com and OKX.
Kraken, Coinbase, Crypto.com and Gemini plan to continue their operations in Canada.
CryptoSlate was the first to emerge after Binance ceased operations in Canada.