Binance Leaves the Canadian Market For Now Due to New Regulations

On Friday, May 12^th, 2023, Binance announced that it was withdrawing from the Canadian market. This was weeks after Canada issued an array of brand-new guidelines for online crypto exchanges. Some of these include investor limits and mandatory registrations.

In this vein, Canada has tightened regulations for crypto asset trading platforms. Essentially, this forces companies to follow these new rules or face potential enforcement actions according to the Ontario Securities Commission.

This will impact the online crypto casino scene for players in Canada.

What Binance Had to Say

The Binance exchange has an active Twitter account and this is what they announced in relation to event: “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.”

They are pulling away from the Canadian market for now as they do not agree with the current changes. However, they announced that they hope to engage with Canadian regulators to create a more comprehensive framework in the future.

The founder of Binance, a Canadian national Changpen Zhao expressed his wish to return to the market someday. He talks about Canadian users once again having the freedom to access a broader suite of digital assets.

For now, the cryptocurrency asset industry is in the forefront for regulators around the world. This chain reaction was started with the collapse of FTX in November and perhaps the US CFTC lawsuit against Binance and Zhao in March.