Amidst the challenge of cryptocurrency trading in Canada,
Binance has declared its exit from the Canadian market.
Binance’s Exit
Binance, the biggest cryptocurrency exchange in the world,
took to Twitter to cite its reason for leaving Canada. It stated that this
withdrawal was done in accordance with the decisions of other well-known crypto
companies that have left the Canadian market. Binance wrote in a tweet, “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.”
In the same tweet, it further thanked those regulators who had worked
collaboratively with them to address the needs of Canadian users.
Binance has declared its exit from the Canadian market.
Impact of The Exit
At a time when nations such as the United States and Japan
are proving their capability every day in the crypto space, this move by the
biggest cryptocurrency exchange is likely to cause a major impact on the
Canadian market. Along with this, there are many countries, including South
Korea, Switzerland, Singapore and Malta that are trying to allure crypto
businesses through conducive regulatory environments as well as supportive
policies.
The challenge of cryptocurrency trading in Canada
Hopes for Binance’s Return
But, fortunately, Binance has maintained a positive tone
that it is hopeful about thefuture, stating, “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.” It further added, “We are
confident that we will someday return to the market when Canadian users once
again have the freedom to access a broader suite of digital assets”. Binance
has a sentimental value attached to Canada since its co-founder and CEO,
Changpeng Zhao, popularly known as CZ, is Canadian by nationality.
While Binance has decided to leave Canada in view of its
rising opportunities in other countries, the impact of this on Canada is yet to
be measured.
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