Binance Joins Exchange Exodus From Canada, Binance Canada in the Works?

May 13, 2023 at 02:02 AM GST 1 min read Exchange News

Binance has announced its departure from Canada, citing rules on stablecoin and investor limits.
Some are suggesting Binance create a separate entity similar to Binance US.
Crypto exchanges that left Canada include OKX, dYdX, and Paxos.

Binance has announced its exit from Canada following other crypto exchanges’ exodus. The reason, as per Binance’s latest post, is that the new rules that Canadian regulators are putting in place make it difficult for the exchange to operate in a ‘tenable’ manner.

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.…

— Binance (@binance) May 12, 2023

As seen in the tweet above, the new rules that Binance finds distasteful pertain to stablecoins and investor limits. Despite the imposition, the exchange said that it explored all avenues to continue serving what it called a small market especially since CEO Changpeng Zhao (CZ) is a Canadian citizen.

Binance is not closing its doors to Canada, however. The exchange is still open to returning to Canadian shores once it has come up with a feasible plan, as per the post.

Meanwhile, others are encouraging Binance to replicate what it is doing in the US. Specifically, Binance has a separate exchange entity — Binance US.

Just do a Binance Canada like you already did for Binance US.

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— Etherean Maximus ⚔️ (@EthereanMaximus) May 12, 2023

Prior to Binance, other exchanges that withdrew from Canada are OKX, Paxos, and dYdX. However, some are still able to comply with Canada’s strict impositions, including Coinbase, Crypto.com, and Kraken.

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