{"id":4666,"date":"2023-05-13T17:01:19","date_gmt":"2023-05-13T22:01:19","guid":{"rendered":"https:\/\/sikaoer.com\/canadian-users-left-in-the-dark\/"},"modified":"2023-05-13T17:01:19","modified_gmt":"2023-05-13T22:01:19","slug":"canadian-users-left-in-the-dark","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/canadian-users-left-in-the-dark\/","title":{"rendered":"Canadian Users Left in the Dark"},"content":{"rendered":"<p> <br \/>\n<br \/><\/p>\n<div>\n<p><strong>Following ongoing regulatory issues within the country, Binance has decided to effectively withdraw from the Canadian market.<\/strong><\/p>\n<p>On Friday evening, the cryptocurrency exchange announced that it will begin terminating its services to Canadian users. Blaming new government guidelines provided to exchanges, Binance said the Canadian market was no longer tenable.<\/p>\n<h2>Canadian Guidelines Not Crypto-Friendly<\/h2>\n<p>The statement said that Binance hopes to engage in a dialogue with Canadian regulators going forward. It added that: <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cwe 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.\u201d<\/p>\n<\/blockquote>\n<p>The guidelines in question were issued by the Canadian Securities Administrators (CSA) in February. Posited as investor protection provisions following a run of crypto sector insolvencies in 2022. The guidelines target offshore companies like Binance that service Canadian clients.<\/p>\n<p>Among other commitments, the CSA required crypto exchanges to segregate crypto assets held for local clients. It also imposed a ban on margin or other forms of leverage. Also, a ban on selling stablecoins without the regulator\u2019s permission.<\/p>\n<p>In Friday\u2019s tweet, Binance argued that the new guidance imposed too heavy a burden on the company, especially the limits on stablecoin sales. Canadian users of the platform will further details about how this will impact their accounts by email, the tweet said.<\/p>\n<h2 id=\"h-binance-turns-its-back-on-canada\">Binance Turns Its Back on Canada<\/h2>\n<p>The decision to exit the Canadian market appears to have been especially difficult for Binance.<\/p>\n<p>Although it represents one of the firm\u2019s smaller markets, Binance said that Canada \u201cheld sentimental value for us as the home country of our founder.\u201d Born in China, Binance\u2019s co-founder and CEO Changpeng Zhao, commonly known as CZ, emigrated to Canada at a young age and holds Canadian citizenship.<\/p>\n<p>Prior to Friday\u2019s announcement, Binance had already come to an agreement with the Ontario Securities Commission to stop onboarding new users in Canada\u2019s most populous province.<\/p>\n<p>In that agreement, the company laid out assurances that it would implement controls to prevent trading activity originating from within Ontario, or by Ontario-based users.<\/p>\n<h2 id=\"h-binance-us-fights-on\">Binance US Fights On<\/h2>\n<p>While Binance may be on the back foot in Canada, over the border in the U.S. the company is maneuvering to protect its business interests from zealous regulators.<\/p>\n<p>Facing regulatory scrutiny on multiple fronts, Binance\u2019s U.S. arm is reportedly considering ways to reduce CZ\u2019s majority stake.\u00a0<\/p>\n<p>As The Information wrote on Thursday, the company\u2019s senior leadership has discussed the move in light of the Commodity Futures Trading Commission lawsuit against Binance and Zhao. Apparently, they believe reorganizing the firm\u2019s ownership may help improve its standing in the eyes of U.S. regulators.<\/p>\n<div class=\"notice\">\n<h3>Disclaimer<\/h3>\n<p>In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.<\/p>\n<\/div><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/beincrypto.com\/binance-withdraws-from-canada-market\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following ongoing regulatory issues within the country, Binance has decided to effectively withdraw from the Canadian market. On Friday evening, the cryptocurrency exchange announced that it will begin terminating its services to Canadian users. Blaming new government guidelines provided to exchanges, Binance said the Canadian market was no longer tenable. Canadian Guidelines Not Crypto-Friendly The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-4666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canadian Users Left in the Dark - Sikaoer - The Best Crypto News Site.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sikaoer.com\/canadian-users-left-in-the-dark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Users Left in the Dark\" \/>\n<meta property=\"og:description\" content=\"Following ongoing regulatory issues within the country, Binance has decided to effectively withdraw from the Canadian market. On Friday evening, the cryptocurrency exchange announced that it will begin terminating its services to Canadian users. Blaming new government guidelines provided to exchanges, Binance said the Canadian market was no longer tenable. 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