Binance closes operations in Canada due to tighter regulation
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Cryptocurrency exchange Binance is closing its operations in Canada due to stricter requirements for trading platforms in the country. This is stated in the statement of the crypto exchange on Twitter.
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“We would like to thank those regulators who cooperated with us to meet the needs of Canadian users. Despite the small market, it had sentimental value for us as the family of our founder,” the message says.
In December 2022, Canadian securities regulators tightened requirements for cryptocurrency exchanges after the FTX crash.
Binance noted that they delayed this decision with the hope of finding “reasonable ways to protect” users, but were unable to do so. Canadian clients of the platform will receive emails with detailed information on further actions.
“Although we do not agree with the new rules, we hope to continue cooperation with Canadian regulators aimed at creating a thoughtful, comprehensive regulatory framework. We are confident that someday we will return to the market, and Canadian users will once again have freedom of access to a wider range of digital assets,” added Binance.
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Source: Ministry of Finance
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