Binance prepares to leave the Canadian market
Binance prepares to leave the Canadian market
Cryptocurrency exchange Binance announced that it is exiting the cryptocurrency market in Canada due to stricter requirements for trading platforms in the country.
"We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users. Albeit a small market, it held sentimental value for us as the home country of our founder," Binance commented on this move.
Late last year, the Canadian government tightened requirements for cryptocurrency companies after the collapse of FTX, according to news portal ForkLog.
Binance said it took all possible measures to resolve the issue and protect its clients, but failed to do so. All users of the exchange in Canada will receive email notifications detailing the next steps.
"While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework. 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," Binance noted.
We previously reported that Binance had launched a promotion for Binance Pay users.
Binance was founded in 2017 and offers its clients over 400 cryptocurrencies, more than 25% of which are stablecoins used for conversion transactions. The cryptocurrency exchange has its own platform based on the TradingView toolkit, as well as an asset used in the Binance ecosystem as an internal unit of payment.
