Binance holds a prominent position globally in the cryptocurrency exchange platform landscape. Undeniably, the community would always want it to be favorable, irrespective of the geographical region. However, if the recent announcement by the platform can be taken as a reference, then the cryptocurrency exchange platform led by Zhao Changpeng seems to be facing a rough ride in Canada.
Binance has announced that it will be leaving Canada in the coming days. This is in response to revised regulations announced by the Canadian Securities Administrators. These pertain to all cryptocurrency trading platforms operating in Canada.
The revised CSA stipulations require crypto platforms to register with relevant authorities. They must comply within 30 days or be prepared to leave the Canadian market. This leaves no room for negotiation. It makes sense, mainly because it complies with the safety of the Canadian market. However, Binance, being one of the best cryptocurrency exchanges in Canada, should not face any issue registering its brand with the regulatory authorities.
The notification by CSA, released in February 2023, further requires crypto platforms to adhere to stringent standards in the approval of stablecoins, leveraged or margin trading, and protection of customer assets.
An argument from Binance justified the move, stating that it tried to do all it could to continue providing services to its customers in Canada but could not find a viable option. Binance expressed regret and gratitude to the market, assuring that the platform will return to Canada when the crypto environment becomes more favorable for it.
At the time of drafting this article, the move to leave Canada has only been announced by Binance. Other crypto platforms like Coinberry, Kraken, Bitbuy, Gemini, and Coinbase have yet to express convenience or inconvenience over the revised regulations conveyed by the CSA.
Founded in 2017, Binance's departure from Canada is big news. Given the quality of service it offers and the range of features it provides, the community will surely miss a lot when Binance finally halts operations and shuts its doors. BNB, the native token of Binance, might or might not be offered through other platforms. For detailed information about Binance BNB and other cryptocurrencies, refer to our Binance review. It also elucidates how traders can buy and sell tokens on Binance.
Binance's vision is to continue accelerating global financial freedom and significantly improve the lives of users. A range of features that the Binance community in Canada will now miss include our mobile trading, digital wallets, and trading accounts.
Whether the authorities are attempting to amend the regulations or get in touch with Binance's representatives remains to be seen. For now, other crypto platforms in Canada are holding their ground.
