Canada’s Crypto Crackdown Forces Binance to Leave
- Posted on May 17, 2023
- By Stiti pragnya padhy
- 47 Views
Amidst the challenge of cryptocurrency trading in Canada, Binance has declared its exit from the Canadian market.
Binance, the biggest cryptocurrency exchange in the world, took to Twitter to cite its reason for leaving Canada. It stated that this withdrawal was done in accordance with the decisions of other well-known crypto companies that have left the Canadian market. Binance wrote in a tweet, “We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.” In the same tweet, it further thanked those regulators who had worked collaboratively with them to address the needs of Canadian users.
Impact of The Exit
At a time when nations such as the United States and Japan are proving their capability every day in the crypto space, this move by the biggest cryptocurrency exchange is likely to cause a major impact on the Canadian market. Along with this, there are many countries, including South Korea, Switzerland, Singapore and Malta that are trying to allure crypto businesses through conducive regulatory environments as well as supportive policies.
Hopes for Binance’s Return
But, fortunately, Binance has maintained a positive tone that it is hopeful about thefuture, stating, “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.” It further added, “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 has a sentimental value attached to Canada since its co-founder and CEO, Changpeng Zhao, popularly known as CZ, is Canadian by nationality.
While Binance has decided to leave Canada in view of its rising opportunities in other countries, the impact of this on Canada is yet to be measured.
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