{"id":29456,"date":"2023-05-12T21:44:01","date_gmt":"2023-05-13T04:44:01","guid":{"rendered":"https:\/\/coinnetworknews.com\/binance-to-withdraw-from-canadian-market-due-to-regulatory-climate-bitcoin-news\/"},"modified":"2023-05-12T21:44:01","modified_gmt":"2023-05-13T04:44:01","slug":"binance-to-withdraw-from-canadian-market-due-to-regulatory-climate-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/binance-to-withdraw-from-canadian-market-due-to-regulatory-climate-bitcoin-news\/","title":{"rendered":"Binance to Withdraw From Canadian Market Due to Regulatory Climate \u2013 Bitcoin News"},"content":{"rendered":"
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Binance, the world\u2019s largest cryptocurrency exchange by trading volume, announced on Friday that it is \u201cproactively withdrawing from the Canadian market.\u201d The company thanked the regulators who worked with them and said that the Canadian market was \u201csmall.\u201d<\/strong><\/p>\n

Binance Bows Out of Canada Due to Regulatory Guidance<\/h2>\n

The cryptocurrency exchange Binance has decided to withdraw<\/a> from the Canadian market. The company noted that it was the home country of its founder and cited regulatory guidance as the reason for its decision. Binance claims that the new regulatory climate in Canada makes it less feasible for its digital currency business to operate in the country.<\/p>\n

\u201cUnfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,\u201d Binance tweeted on Friday. The trading platform\u2019s social media account added:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

The news follows the U.K. court setting aside an interim proprietary injunction<\/a> against Binance. The court ordered Binance to keep a certain amount of cryptocurrency after a victim of cryptocurrency fraud claimed to have traced the stolen funds to the exchange. Additionally, last week, a report said<\/a> Binance was being probed by the U.S. Department of Justice (DOJ) over alleged Russian sanction violations.<\/p>\n

In the announcement on Friday, Binance said Canadian users will receive an email containing crucial details about how their accounts will be affected in the future. Despite the regulatory climate surrounding stablecoins and investor limits, the exchange expressed its willingness to collaborate and communicate with Canadian regulators.<\/p>\n

Although Binance does not necessarily agree with the current regulations, it said it remains open to working towards a solution. The exchange concluded that it remains optimistic that a thoughtful framework will be established in the future, which could potentially pave the way for Binance to resume its services for Canadians.<\/p>\n

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Binance<\/a>, Binance Canada<\/a>, Canadian market<\/a>, Cryptocurrency Exchange<\/a>, cryptocurrency fraud<\/a>, investor limits<\/a>, proactively withdrawing<\/a>, regulatory guidance<\/a>, Stablecoins<\/a>, Stolen funds<\/a>, U.K. court<\/a>, U.S. Department of Justice<\/a><\/div>\n<\/div>\n

What do you think about Binance leaving the Canadian market? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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