{"id":7961,"date":"2023-05-12T17:54:09","date_gmt":"2023-05-12T21:54:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-says-farewell-to-canada-following-new-guidance-implementing-restrictions-on-exchanges\/"},"modified":"2023-05-12T17:54:09","modified_gmt":"2023-05-12T21:54:09","slug":"binance-says-farewell-to-canada-following-new-guidance-implementing-restrictions-on-exchanges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7961","title":{"rendered":"Binance Says Farewell to Canada Following New Guidance Implementing Restrictions on Exchanges"},"content":{"rendered":"
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Binance is pulling out of Canada.<\/p>\n

The world\u2019s largest crypto exchange said on Twitter that it was withdrawing from the country due to new guidance about stablecoins and limits to investors.<\/p>\n

\u201cWe put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none,\u201d the company said.<\/p>\n

Binance CEO Changpeng Zhao, who is a Canadian citizen, retweeted the news.<\/p>\n

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\u201cWe would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users. Albeit a small market, it held sentimental value for us as the home country of our founder,\u201d the exchange said.<\/p>\n

New requirements in Canada<\/h2>\n

The Canadian Securities Administrators tightened registration requirements for crypto exchanges in February.<\/p>\n

Some of those requirements include \u201cenhanced expectations regarding the custody and segregation of crypto assets held on behalf of Canadian clients and a prohibition on offering margin, credit, or other forms of leverage to any Canadian client.\u201d<\/p>\n

Another requirement blocks the platforms from \u201cpermitting clients to purchase or deposit value-referenced crypto assets (commonly referred to as stablecoins).\u201d<\/p>\n

What\u2019s next<\/h2>\n

Canadian users will receive information about how the move will impact their accounts, the exchange said.<\/p>\n

\u201cWhile we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory 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.\u201d<\/p>\n<\/p><\/div>\n