{"id":8286,"date":"2023-05-13T16:25:05","date_gmt":"2023-05-13T20:25:05","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/binance-pulls-out-of-canada-amid-new-crypto-regulations\/"},"modified":"2023-05-13T16:25:05","modified_gmt":"2023-05-13T20:25:05","slug":"binance-pulls-out-of-canada-amid-new-crypto-regulations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8286","title":{"rendered":"Binance pulls out of Canada amid new crypto regulations"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A representation of the cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS\/Dado Ruvic\/Illustration\/File Photo\/File Photo<\/span>
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(Reuters) -Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations. <\/p>\n

Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission.<\/p>\n

“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,” crypto exchange Binance said in a tweet.<\/p>\n

Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country. <\/p>\n

“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,” said the crypto exchange, founded by Canadian national Changpeng Zhao. <\/p>\n

The digital assets industry has been in the crosshairs of regulators around the world, especially since the collapse of Binance-rival FTX in November, which triggered a market rout in the prices of the biggest digital coins. <\/p>\n

Following the onset of the crypto winter of 2022, which wiped out more than a trillion dollars from the industry’s market value, lawmakers and securities regulators demanded tighter guidelines for disclosures on how the crypto companies operate and hold customer funds. <\/p>\n

In March, Binance and its CEO Zhao were sued by the U.S. Commodity Futures Trading Commission for operating what the regulator alleged was an “illegal” exchange and a “sham” compliance program. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A representation of the cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS\/Dado Ruvic\/Illustration\/File Photo\/File Photo (Reuters) -Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory […]<\/p>\n","protected":false},"author":1,"featured_media":5426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-8286","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBinance pulls out of Canada amid new crypto regulations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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