Cryptocurrency exchange Binance announced the end of operations in Canada due to the tightening of requirements for trading platforms in the country.
Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.
We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.…
— Binance (@binance) May 12, 2023
“We would like to thank those regulators who have worked with us to meet the needs of Canadian users. Despite the small market, it had sentimental value for us as the birthplace of our founder,” the exchange said in a statement.
In December 2022, the Canadian Securities Administrators tightened the requirements for crypto-currency firms following the collapse of FTX, extending them to entities registered in other jurisdictions as well.
Binance clarified that they were postponing this decision in the hope of finding “reasonable ways to protect” users, but were unable to do so. Canadian customers of the platform will receive emails with details on how to proceed.
“While we do not agree with the new rules, we look forward to continuing to work with Canadian regulators to create a sound, comprehensive regulatory framework. We are confident that someday we will return to the market, and Canadian users will once again have the freedom to access a wider range of digital assets,” Binance noted.
In March 2023, the OKX cryptocurrency exchange announced that it would no longer provide services to Canadian users. They must close positions by June 22.
In April, the decentralized exchange dYdX announced the end of work in Canada. Registration of new users from the country has been stopped since April 7th.
Recall that in the same month, the infrastructure company and issuer of stablecoins Paxos decided to leave the Canadian market, but allowed a return to the country in the future.
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