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Cryptocurrencies

Cryptocurrencies

Binance leaves Canada amid crypto regulations.

Binance
Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on keyboard... Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on keyboard in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Binance
Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on keyboard... Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on keyboard in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Binance leaves Canada amid crypto regulations. Binance left Canada on Friday, weeks after the country imposed investor limits and required registrations on cryptocurrency exchanges.

In recent months, Canada has tightened crypto asset trading platform restrictions by requiring pre-registration. In addition, according to the Ontario Securities Commission website, non-compliant corporations may be prosecuted.

“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,” Binance tweeted.

Binance disagrees with the recent guidance and wants to cooperate with Canadian regulators to develop a comprehensive crypto framework.

“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,” stated the crypto exchange founded by Canadian Changpeng Zhao.

Since the collapse of Binance-rival FTX in November, which caused a market meltdown in the biggest digital coins, regulators worldwide have targeted the digital assets business.

After the crypto winter of 2022 knocked out more than a trillion dollars from the industry’s market capitalization, politicians and securities regulators requested stricter disclosures on how crypto businesses operate and keep consumer cash.

In March, the U.S. Commodity Futures Trading Commission sued Binance and Zhao for operating an “illegal” exchange and a “sham” compliance program.


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