'No longer tenable': Binance pulls out of Canada amid new crypto regulations
Binance feuded publicly with Canada’s largest provincial regulator, the Ontario Securities Commission , in late 2021. The crypto platform assured users it could operate in the country’s most populous province despite having said earlier it would withdraw rather than comply with a new requirement to register with the Ontario regulator.
By the end of 2022, following the spectacular collapse of crypto platform FTX Inc., a dozen securities watchdogs from the other provinces and territories joined the OSC in taking a harder line, requiring registration and other rules for digital currency players.Article content Crypto platforms are also prohibited from offering margin or leverage for any Canadian client under the rules unveiled in December 2022 by the Canadian Securities Administrators , an umbrella organization for the country’s 13 provincial and territorial watchdogs.
Binance said that while it does not agree with the new rules, the company hopes to continue to engage with Canadian regulators on a “thoughtful, comprehensive” regulatory framework. The firm did not rule out “someday” returning to the country — if “Canadian users once again have the freedom to access a broader suite of digital assets.”
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