Canada has tightened regulations on cryptocurrency trading platforms by introducing a pre-registration process, according to Reuters. Companies that fail to comply with the rules will face legal action, according to the Ontario Securities Commission website.
Binance said new regulations regarding stablecoins and investor restrictions make the Canadian market unsuitable for Binance at this time.
The world's largest cryptocurrency exchange is unhappy with the new regulations and hopes to work with Canadian regulators to create a comprehensive framework for cryptocurrency operations.
Binance CEO Changpeng Zhao left open the possibility that Binance will one day return to the Canadian market if the situation changes.
The cryptocurrency industry is in the crosshairs of regulators around the world, especially since the collapse of FTX in November 2022 that caused a deep price drop in the largest cryptocurrencies on the market.
Authorities are stepping up their crackdown on cryptocurrency exchanges.
As the “crypto winter” began, more than $1 trillion in cryptocurrency market value was wiped out. Lawmakers and securities regulators have called for tighter regulations on disclosures about how cryptocurrency companies operate and hold customer funds.
In March, Binance and CEO Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) for allegedly being an “illegal” exchange and engaging in illegal activities.
Previously, OKX exchange withdrew from the Canadian market in March. By April, decentralized exchange dYdX and fintech company Paxos also "followed" in withdrawing from this market.
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