Binance joins other crypto firms in "proactively withdrawing" from Canada

Binance said it will join other prominent crypto businesses in “proactively withdrawing” from Canada after the country tightened regulations for crypto asset trading platforms

May 13, 2023 10:14 am | Updated 10:14 am IST

Binance said it will join other prominent crypto businesses in “proactively withdrawing” from Canada.

Binance said it will join other prominent crypto businesses in “proactively withdrawing” from Canada. | Photo Credit: Reuters

Binance said on Friday it will join other prominent crypto businesses in "proactively withdrawing" from the Canadian marketplace.

"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," the crypto exchange said in a tweet.

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.

(For top technology news of the day, subscribe to our tech newsletter Today’s Cache)

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.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.