{"id":20872,"date":"2023-05-12T21:30:41","date_gmt":"2023-05-12T21:30:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-announces-its-exit-from-canada\/"},"modified":"2023-05-12T21:30:41","modified_gmt":"2023-05-12T21:30:41","slug":"binance-announces-its-exit-from-canada","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-announces-its-exit-from-canada\/","title":{"rendered":"Binance announces its exit from Canada"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683925971850-a2f4bab2-ba16-41e2-88bd-6a9e85edecca-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683925971850-a2f4bab2-ba16-41e2-88bd-6a9e85edecca-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683925971850-a2f4bab2-ba16-41e2-88bd-6a9e85edecca-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/1683925971850-a2f4bab2-ba16-41e2-88bd-6a9e85edecca-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Binance says new guidance on stablecoins has made it untenable to continue operating in the country.<\/li>\n<li dir=\"ltr\">New rules required exchanges to seek approval before allowing their customers to buy or deposit stablecoins.<\/li>\n<li dir=\"ltr\">The exchange says it will continue to engage regulators even if it doesn\u2019t agree with new guidance.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance<\/a>, the world\u2019s largest crypto exchange by trading volume, has announced its exit from <a href=\"https:\/\/coinjournal.net\/news\/tag\/canada\/\">Canada<\/a>.<\/p>\n<p dir=\"ltr\">The crypto platform revealed its move on Friday, noting that the decision was down to new guidelines that make the Canadian market \u201cno longer tenable\u201d for its operations.<\/p>\n<p dir=\"ltr\">\u201c<em>We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time<\/em>,\u201d the exchange said in a<a href=\"https:\/\/twitter.com\/binance\/status\/1657099651210969088\" rel=\"noopener noreferrer\" target=\"_blank\">\u00a0<u>tweeted<\/u><\/a> statement.<\/p>\n<p dir=\"ltr\">The crypto exchange giant said it had \u201cput off this decision as long as [it] could to explore other reasonable avenues to protect [its] Canadian users.\u201d However, it\u2019s joining other platforms to withdraw from the market after the latest regulatory move.<\/p>\n<p dir=\"ltr\">\u201c<em>While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework<\/em>,\u201d Binance wrote.<\/p>\n<h2 dir=\"ltr\">The question of regulatory clarity<\/h2>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/binance\/\">Binance<\/a> is a major crypto industry player that has sought regulatory approval in most of the jurisdictions that it offers its services. It has also been one of the main advocates of more regulatory clarity across the globe.\u00a0<\/p>\n<p dir=\"ltr\">But its decision to exit Canada comes a few months after the Canadian Securities Administrators (CSA) outlined new guidance regarding stablecoins.<\/p>\n<p dir=\"ltr\">The February communication had asked crypto trading platforms operating in the country to seek approval before allowing customers to use stablecoins on their platforms. This included buying or depositing stablecoins, a requirement that meant further due diligence checks for exchanges amid the tightening regulatory scrutiny.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/binance-announces-exit-from-canada\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Binance says new guidance on stablecoins has made it untenable to continue operating in the country. New rules required exchanges to seek approval before allowing their customers to buy or deposit stablecoins. The exchange says it will continue to engage regulators even if [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":20873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20872"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20872"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20873"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}