Binance Quits Canada Over Regulatory Issues
Let's not bury the lead. Binance has quit Canada. Citing unsuitable regulatory conditions the world's largest exchange will no longer be available for Canadian residents. In a tweet on Friday afternoon, binance said, unfortunately, today we are announcing that binance will be joining. Other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users. Albeit a small market, it held sentimental value for us as the home country of our founder. 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. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none. So I think at this stage, it's worth trying to get a little bit of the history and context for binance in Canada. Obviously they are identifying some recent limits and new guidance, but there is of course a history here and it's worth knowing. Luckily, Canadian crypto lawyer Jacob Robinson did a threat on exactly that. He writes finances founded in 2017 at which time Canadian residents had access to the platform for crypto transactions. On March 29th, 2021, the Ontario securities commission notified crypto asset trading platforms that they had until April 19th to contact OSC staff to discuss regulation. These discussions revolved around bringing crypto asset platforms, operations into compliance with Canadian securities laws. The collapse of quadriga and an investigative report led to quote regulatory takeaways applicable to crypto asset platforms, which spurred these conversations. But this common in talk actually led somewhere. There are ten registered crypto platforms in Canada, and many more gave pre registration undertakings with plans to register.