Binance pulls out of Canada

Regulators are putting a squeeze on the crypto industry

Binance pulls out of Canada amid new crypto regulations

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 rules will face potential enforcement action, according to the website of the Ontario Securities Commission.

“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.

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.

,Binance pulls out of Canada amid new crypto regulations

Not great news and I hope it’s not foreshadowing of things to come to the US.

Coinbase and Binance moving offshore is a near certainty. But Coinbase still having operations in the US is the only thread keeping the US crypto retail crowd in the game. Once that goes away, I imagine a long and dire crypto winter.

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