Binance Withdraws From Canada: Will The Crypto Market Be Affected?
The world’s largest cryptocurrency exchange withdrew from Canada. So why?
Binance, the world’s largest cryptocurrency exchange, has decided to withdraw from Canada due to heavy crypto money regulations.
The influence of countries in the cryptocurrency market is increasing. After the latest development, Canadian crypto traders will no longer be able to useBinance.
“The Canadian Market Has Become Untenable For Binance”
In Canada, which has one of the most developed economies in the world, three out of every 100 people have crypto money investments. However, the Canadian Government has different views on the cryptocurrency exchange.
Recently enacted cryptocurrency regulation prevents customers of cryptocurrency exchanges in Canada from purchasing or investing in stablecoins without CSA approval.
According to CoinDesk,Binance will have to consult with the CSA before allowing customers to purchase stablecoins. However, considering that this situation harmed their own systems,Binance decided to withdraw from Canada.
BinanceCEO Chanpeng Zhao, who is also a Canadian citizen, said, “We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, the new guidance on stablecoins and investor limits available to cryptocurrency exchanges makes the Canadian market untenable forBinance at the moment. announced that they were withdrawing from Canada.