Binance announces exit from Canada

2023-5-13 00:13

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 it doesn’t agree with new guidance.

Binance, the world’s largest crypto exchange by trading volume, has announced its exit from Canada.

The crypto platform revealed its move on Friday, noting that the decision was down to new guidelines that make the Canadian market “no longer tenable” for its operations.

“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,” the exchange said in a tweeted statement.

The crypto exchange giant said it had “put off this decision as long as [it] could to explore other reasonable avenues to protect [its] Canadian users.” However, it’s joining other platforms to withdraw from the market after the latest regulatory move.

“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,” Binance wrote.

The question of regulatory clarity

Binance 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. 

But its decision to exit Canada comes a few months after the Canadian Securities Administrators (CSA) outlined new guidance regarding stablecoins.

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.

The post Binance announces exit from Canada appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

new binance stablecoins exchanges seek required rules

new binance → Результатов: 126


Venus: Binance Hopes To Entice New Stablecoin Suitors

Binance has unveiled a new stablecoin issuance platform that will allow governments and companies to develop and deploy their own asset-backed tokens, which can be pegged to any fiat currency. Dubbed ‘Venus,’ the new platform is an open blockchain project that provides the tools to create a stablecoin on Binance Chain, the native blockchain of […] The post Venus: Binance Hopes To Entice New Stablecoin Suitors appeared first on Crypto Briefing.

2019-8-20 18:42


Фото:

Binance Donates Alleged Multimillion Dollar Listing Fees To Charity In New Shake-Up

Cryptocurrency exchange Binance has appeared to end its controversial listing fee policy for new altcoins and plans to donate all funds received to charity.   Developers To ‘Propose’ New Fees In a blog post on October 8, Binance said the change would take effect “immediately” and would also see developer teams themselves select how much to “pay” to list their coin following approval.

2018-10-8 18:00


Binance Creates Blockchain Charity Foundation with Maltese President’s Trust

Binance is known for being one of the biggest cryptocurrency exchange in the industry, and they have partnered with the Maltese President’s Trust for a new innovation. Their new project is the Blockchain Charity Foundation, which is designed to “empower vulnerable communities and enhance transparency in charitable work.” Helen Hai signed the MOU for the […]

2018-7-26 09:32


Coinbase Or Binance: Which Crypto Trading Exchange Platform Is Right For You?

As a sign of a maturing asset class and a growing component of modern business, digital exchanges have begun populating the crypto arena. With new entrants emerging periodically and existing exchanges constantly streamlining their offerings, even seasoned investors might be at a loss to pinpoint the “best” exchange. Newcomers in particular are faced with a […]

2018-7-20 11:52


Binance is One-Year-Old, Celebrates by Announcing a Tiered Fee Discount Program

The cryptocurrency exchange giant Binance has announced a new loyalty program for its users. The news coincides with them reducing the BNB discount rate as per their white paper. Binance Reduce BNB Discounts, Introduce New Fee Structure Since their launch this time last year, Binance offered its users unique savings if they used their own.

2018-7-19 21:00


Фото:

Binance Introduces New Tiered Trading Fee Program and BNB Coin Discount Rates

Binance Introduces New Tiered Trading Fee Program and Makes Alterations to BNB Discount, As per its Whitepaper On July 19, 2018, Binance released a document detailing the changes made to its native token, BNB’s discount rate along with introducing what’s dubbed as the “Tiered Trading Fee Discount Program”. The team shared that they are on […]

2018-7-19 19:51