The world's largest crypto exchange Binance to withdraw from Canada following new crypto guidelines introduced in February.
surrounding stablecoins and investor limits imposed to crypto exchanges make the Canadian market unviable for Binance at this time.“Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We 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.
Binance also stated that it expects to continue working with Canadian regulators on a complete regulatory framework. It stated that it planned to return to the market when regulatory issues are in accordance. Binance advised its Canadian customers to close their open positions by 30 September 2023 as beginning 1 October, customers will be put into liquidation only mode.
It is joining other crypto exchanges in the Canadian exodus that follows the introduction of new crypto guidelines issued by the CSA on 22 February. It required exchanges to file new preregistration undertakings and comply with additional restrictions.
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