Binance, the world's largest crypto exchange, has decided to leave the country of Canada due to new regulations on the crypto industry.
Binance Leaves Canada
Binance, the world's largest crypto exchange, has decided to leave the country of Canada due to new regulations on the crypto industry. The company announced on Twitter that it was withdrawing from Canada because of the new rules imposed by the Canadian Securities Administrators (CSA) on crypto trading platforms.
The CSA issued a notice in February that required all crypto platforms operating in Canada to register with the relevant securities regulators within 30 days or cease their activities. The notice also stated that platforms must comply with stricter standards on stablecoin approvals, customer asset protection, and leverage or margin trading.
Binance said that it tried to find a way to continue serving its Canadian customers, but it found no viable option. The company expressed its regret and gratitude to the regulators who worked with it collaboratively. Binance also said that it hopes to return to Canada someday when the regulatory environment is more conducive for crypto innovation. Notably, Binance founder and CEO Changpeng Zhao was born in China but moved to Canada with his family when he was twelve years old.
