{"id":3455,"date":"2023-05-17T03:43:05","date_gmt":"2023-05-17T03:43:05","guid":{"rendered":"https:\/\/nftmetta.com\/?p=3455"},"modified":"2023-05-17T03:43:07","modified_gmt":"2023-05-17T03:43:07","slug":"binance-announces-exit-from-canada-citing-regulatory-tensions","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/binance-announces-exit-from-canada-citing-regulatory-tensions\/","title":{"rendered":"Binance Announces Exit from Canada, Citing Regulatory Tensions"},"content":{"rendered":"\n

May 17, 2023<\/p>\n\n\n\n

By Sharan Kaur Phillora<\/p>\n\n\n\n

Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter<\/u><\/a> on May 12. It called its withdrawal \u201cproactive\u201d as new guidance issued by Canadian regulators continues to take a toll on the country\u2019s crypto industry.<\/p>\n\n\n\n

Here\u2019s what we know: <\/strong><\/p>\n\n\n\n

In February, the Canadian Securities Administrators (CSA) released<\/u><\/a> new guidance that gives crypto trading platforms operating in the region 30 days to register or leave. The crypto firms that decide to register and stay must adhere to stricter rules, such as seeking the CSA’s approval before allowing users to buy or deposit stablecoins. <\/p>\n\n\n\n

Although Binance had reportedly filed<\/u><\/a> a new preregistration undertaking, it explained<\/u><\/a> in a tweet: \u201cUnfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.\u201d<\/p>\n\n\n\n

The new CSA rules prohibit<\/u><\/a> firms \u201cfrom permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and\/or a derivative\u201d and define stablecoins as a security.<\/p>\n\n\n\n

Binance ended its announcement with a note saying it’s confident it will return to Canada, its CEO Changpeng Zhao’s home country, someday. It also said it hopes to continue engaging with Canadian authorities when forming a “thoughtful, comprehensive regulatory framework.”<\/p>\n\n\n\n

Binance operated in all Canadian provinces and territories except Ontario, which it withdrew from in March 2022 after a lengthy disagreement with the province\u2019s regulators.<\/p>\n\n\n\n

About the author<\/strong><\/strong><\/p>\n\n\n\n

Sharan Kaur Phillora\u2019s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology \u2013 two emerging technologies that will change how we interact with each other in the future. When she isn\u2019t exploring a new idea or concept, she enjoys reading literary masterpieces.<\/p>\n","protected":false},"excerpt":{"rendered":"

May 17, 2023 By Sharan Kaur Phillora Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal \u201cproactive\u201d as new guidance […]<\/p>\n","protected":false},"author":1,"featured_media":3459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3455"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3455"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3455\/revisions"}],"predecessor-version":[{"id":3460,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3455\/revisions\/3460"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3459"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}