Binance closes Canadian shop, citing the latest regulatory changes
Binance closes Canadian shop, citing the latest regulatory changes
The world's largest crypto trading platform announced that it will handle her Canadian branch two years after approval for the company in the country.
binance mentioned a recently changed change in local legislation that affected deposits and purchases of stable coins on stock exchanges.
- Binance announced his intentions on Twitter and declared that it was "others Connect prominent crypto companies and proactively withdraw from the Canadian market ”.
- The stock exchange admitted that it was a small but "sentimental" market that she wanted to continue to work on. However, she stands in the way of a current decision by the Canadian security supervisory authorities.
- The CSA announced new guidelines in February that prescribe that local exchanges have to obtain their approval before accepting stable coin deposits or allow users to buy such assets. The supervisory authority carries out several DUE diligence tests, which makes the process lengthy.
"We have postponed this decision as long as possible to explore other reasonable options for protecting our Canadian users, but it turned out that there are none."
- Canada's general approach to cryptocurrencies was relatively positive because some traditional financial institutions invest in the industry. A few years ago, the country also approved one of the first spot bitcoin ETFs, but the recent change in the guidelines harm several stock exchanges, including Crypto.com.
- Binance has been on the expansion course for several months and has received several licenses for the company in Dubai, some European countries, Kazakhstan and Japan.
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