Binance holds a prominent position across the globe in terms of crypto exchange platforms. Needless to say, the community expects things to work out in its favor every time, no matter the geographical region. However, if the recent announcement by the platform is anything to go by, then it appears that things in Canada are not going well for Chengpeng Zhao-led crypto exchange platform.
Binance has announced that it will leave Canada in the days to come. This is in response to the revised regulations announced by the Canadian Securities Administrators. These relate to all the crypto trading platforms that are active in Canada.
The revised regulations by CSA require the crypto platforms to register with relevant authorities. They must abide by the instruction in 30 days or gear up to leave the Canadian market. Meaning there is no scope for negotiation. Makes sense, mostly because it concerts to the safety of the Canadian market. However, being the best Canadian crypto exchange, Binance should not have faced the problem with the registration of its brand with regulators.
CSA’s notice, which was published in February 2023, further asked crypto platforms to follow strict standards on the approval of stablecoin, leverage or margin trading, and customer asset protection.
An argument from the side of Binance has justified the move by saying that it tried to do everything in its capacity to continue serving customers in Canada but could not find a viable option to do so. Expressing its regret and gratitude to the market, Binance has assured that the platform will come back to Canada when it finds the crypto environment to be more conducive.
At the time of drafting this article, the move to leave Canada had only been announced by Binance. Other crypto platforms like Coinberry, Kraken, Bitbuy, Gemini, and Coinbase are yet to express their convenience or inconvenience with revised regulations conveyed by the CSA.
Founded in 2017, Binance leaving Canada is pretty big news. Considering the quality of service that it provides and the set of features that it offers, the community will surely be missing out on a lot when Binance finally wraps up its act and shuts the operational doors. BNB, the native token of Binance, may or may not be available via other platforms. Details about BNB and other cryptocurrencies at Binance can be read in our Binance review. It also sheds light on how traders can buy and sell tokens at Binance.
The vision of Binance continues to accelerate global financial freedom to significantly improve the lives of users. A bunch of features that the Binance community in Canada will now miss out on are our Mobile Trading, eWallets, and Trading Accounts, to mention a few.
It remains to be seen if the authorities make any attempt to modify the regulations or get in touch with the representatives of Binance. Other crypto platforms in Canada are firm in their grounds as of now.