Binance Exits Canada Amid New Crypto Regulations
On May 12, cryptocurrency exchange Binance announced its exit from the Canadian market via Twitter. It described its withdrawal as “proactive” as new regulatory guidelines from Canada’s regulators continue to harm that country’s cryptocurrency market.
Canada has recently tightened laws for sites that trade crypto assets by instituting a pre-registration procedure. According to the Ontario Securities Commission’s website, companies that violate the laws may face enforcement action.
The new CSA regulations classify stablecoins as securities and prohibit companies from “allowing Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative.”
“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,” Binance explained in a tweet.
(With inputs from Shikha Singh)
You need to login in order to Like
