LEADING CRYPTO EXCHANGE ANNOUNCE CANADA EXIT
Binance announces Exit from Canada, Blames New Regulations 1
One of the world leading crypto exchange company Binance has announced it will exit the Canadian market due to challenging regulatory guidelines is a big challenge to the cryptocurrency company. According to the tweet by the exchange on May 12, the exchange tweeted that the new guidelines on stablecoins and investor limits provided to crypto exchanges have made the Canadian market not feasible for the exchange to continue doing business in Canada. Binance also stated the company’s disappointment for the Canadian blockchain industry.
Regulating cryptocurrencies in Canada has been under scrutiny for awhile and has effected the cryptocurrency industry in Canada. Earlier this year, Canadian Securities Administrators (CSA) announced new guidelines that banned asset trading platforms Canada to allow customers to buy or deposit stablecoins without CSA given permission.
Canada as one of the preferred choice for cryptocurrency investors, this is a setback to the cryptocurrency industry not just to Canada but to the general cryptocurrency industry at large.
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