The world’s number 1 crypto-trading company Binance account withdraw from Canadian market due to the new rules put in place by the local regulators.
Cryptocurrency exchange platform Binance announced Friday night its intention to close his operations at Canada in a “proactive manner”.
New stablecoin guidelines and investor limits provided to crypto exchanges make the Canadian market more tenable for Binance for now.” tweeted the CZ-led company, noting that its Canadian customers would receive more information via email about the impact of the decision on their accounts.
Earlier this year, Canadian regulators announced strengthen regulation for crypto exchanges, requiring them to register within 30 days.
“Recent insolvencies involving several platforms highlight the huge risks associated with cryptocurrency trading, especially when conducted on unregistered platforms based outside the Canada “said the chairman of the Canadian Securities Administrators in February.
Other crypto exchanges, like the decentralized platform dYdX in April, had previously announced they were withdrawing from the Canadian market for the same reason.
Although it is a small market, it had sentimental value to us as the home of our founder. We had high hopes for the rest of the Canadian blockchain industry,” Binance added.
Born in China, the CEO and founder of Binance and crypto magnate Changpeng Zhao, aka CZis a Canadian citizen since he was 12 years old.
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