Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.<\/p>\n
Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the\u00a0website\u00a0of the Ontario Securities Commission.<\/p>\n
“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” crypto exchange Binance said in a tweet.<\/p>\n
Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country.<\/p>\n
“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,” said the crypto exchange, founded by Canadian national Changpeng Zhao.<\/p>\n
The digital assets industry has been in the\u00a0crosshairs of regulators\u00a0around the world, especially since the collapse of Binance-rival FTX in November, which triggered a market rout in the prices of the biggest digital coins.<\/p>\n
Following the onset of the crypto winter of 2022, which wiped out more than a trillion dollars from the industry’s market value, lawmakers and securities regulators demanded tighter guidelines for disclosures on how the crypto companies operate and hold customer funds.<\/p>\n
In March, Binance and its CEO Zhao\u00a0were sued\u00a0by the US\u00a0Commodity Futures Trading Commission for operating what the regulator alleged was an “illegal” exchange and a “sham” compliance program.<\/p>\n","protected":false},"excerpt":{"rendered":"
Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations. Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the […]<\/p>\n","protected":false},"author":2,"featured_media":23388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,43],"tags":[],"class_list":{"0":"post-23387","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news","8":"category-technology"},"_links":{"self":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/23387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/comments?post=23387"}],"version-history":[{"count":1,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/23387\/revisions"}],"predecessor-version":[{"id":23389,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/23387\/revisions\/23389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media\/23388"}],"wp:attachment":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media?parent=23387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/categories?post=23387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/tags?post=23387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}