- The exchange called its departure “precautionary”
- The company also accused the new rules
- Binance vows to continue working with regulators
- You can close positions until September 30, 2023
The largest cryptocurrency exchange in the world Binance announced to terminate their employment in Canada.
“Unfortunately, today we are announcing that Binance will be joining other well-known crypto businesses in exiting the Canadian market. We would like to thank the regulators who have partnered with us to meet the needs of Canadian users. Unfortunately, the new stablecoin and investor restrictions guidance provided to crypto exchanges makes the Canadian market unsuitable for Binance at this time.”
Every Canadian Binance user received an email telling them to close their positions by September 30, 2023. And from October 1, 2023, Canadian customers will be placed in liquidation mode only.
The new CSA rules prohibit firms from “allowing Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or derivative,” and also defines stablecoins as securities.
The exchange operated in all regions of Canada, except for Ontario, from where it withdrew in March 2022 after a lengthy disagreement with the regulators of that province.
Binance is the third crypto exchange to leave Canada in 2023. In March, OKX announced that it would stop operating in the country. And in early April, dYdX announced that it was wrapping up work in Canada.