Binance announces its exit from Canada

The largest cryptocurrency exchange in the world stated that the departure was due to new instructions about stablecoins and investor limitations.

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Weeks after the nation established several new rules for cryptocurrency exchanges, including investor limitations and required registrations, Binance said on Friday that it planned to leave Canada.

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The launch of a pre-registration procedure in Canada in recent months has resulted in tighter rules for platforms that trade crypto assets.

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On the website of the Ontario Securities Commission, it is stated that firms that do not follow the guidelines may be subject to enforcement action.

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“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,” cryptocurrency exchange Binance stated in a tweet.

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