Binance to Close Canadian Shop Citing Recent Regulatory Changes

The world’s largest cryptocurrency exchange said it will wind down its Canadian arm two years after it got the green light to operate in the country.

Binance mentioned a recent amendment in local legislation that affected stablecoin deposits and purchases on exchanges.

• binance announce It tweeted its intentions, saying it would “join other prominent crypto companies in pre-emptively withdrawing from the Canadian market.”
• The exchange admitted that it was a small but “emotional” market, which it intends to continue operating in. However, a recent decision by Canadian securities officials stands in the way.
• Canadian Space Agency announce New guidelines in February require local exchanges to obtain their permission before accepting stablecoin deposits or allowing users to buy these assets. The oversight body has many due diligence checks in place which makes the process lengthy.

“We have delayed this decision as long as we can explore other reasonable ways to protect our Canadian users, but it has become clear that there are none.”

• Canada’s overall approach to cryptocurrency has been relatively positive, with few traditional financial institutions investing in the industry. The country also approved one of the first Bitcoin ETFs a few years ago, but its recent policy change has hurt many exchanges, including Crypto.com.
• Binance has been on the expansion list for the past several months, acquiring multiple licenses to operate in Dubai, a few European countries, Kazakhstan, as well as Japan.