Binance leaves Canada and blames new rules
Binance is the latest in a series of departures from CEO Changpeng Zhao's home country; he promises to continue working with regulators.
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Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. He called his withdrawal "proactive" as new guidelines issued by Canadian regulators continue to weigh on the country's crypto industry.
Binance joins some of its smaller competitors in the Canadian exodus prompted by the introduction of rules by the Canadian Securities Administrators (CSA) on February 22 that required them to file new pre-registration undertakings and observe additional restrictions.
Although Binance reportedly filed a new pre-registration pledge, he explained in a tweet:
"Unfortunately, new stablecoin guidelines and investor limits provided to crypto exchanges make the Canadian market more tenable for Binance at this time."
The new CSA rules prohibited companies from “allowing Canadian customers to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or derivative,” and defined stablecoins as a title.
Sadly, today we are announcing that Binance is joining...
Binance is the latest in a series of departures from CEO Changpeng Zhao's home country; he promises to continue working with regulators.
News
Join us on social networks
Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. He called his withdrawal "proactive" as new guidelines issued by Canadian regulators continue to weigh on the country's crypto industry.
Binance joins some of its smaller competitors in the Canadian exodus prompted by the introduction of rules by the Canadian Securities Administrators (CSA) on February 22 that required them to file new pre-registration undertakings and observe additional restrictions.
Although Binance reportedly filed a new pre-registration pledge, he explained in a tweet:
"Unfortunately, new stablecoin guidelines and investor limits provided to crypto exchanges make the Canadian market more tenable for Binance at this time."
The new CSA rules prohibited companies from “allowing Canadian customers to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or derivative,” and defined stablecoins as a title.
Sadly, today we are announcing that Binance is joining...
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