Binance withdraws from Canada

Binance cryptocurrency exchange may soon leave the Canadian market. Such information began to spread in the media. As known, CEO Changpeng Zhao is a Canadian citizen, which makes the situation even more piquant.

In response to media reports, representatives of the exchange informed that there is no final decision yet. They also reported that at the moment the platform is negotiating with the Canadian securities administrations to resolve the issue.

Meanwhile, another exchange, Coinbase, is also negotiating with Canadian regulators to stay in this market.

Coinbase, based in the USA, is discussing obtaining an appropriate license to continue doing business in Canada. In turn, Elliot Suthers, director of public Relations at Coinbase, said that the platform intends to work on the Canadian market, as it considers it an important component of its international activities.

But the Binance exchange will most likely have to withdraw from the Canadian market, according to sources privy to the course of this case. Recall that Canada has set a deadline of March 24 for companies working in the field of cryptocurrencies. Some of the sites have already left Canada, among them OKEx, which announced its departure from the country.

What other exchanges may leave the Canadian market in the near future

Deribit and platforms notified their customers that they were leaving the Canadian market. The Kraken exchange will make a statement about this in the near future. Exchanges are forced to leave the country due to the new regulatory framework, which was announced on February 22.

It requires platforms to separate assets held in storage, tightens the rules for margin trading and certain transactions using their own tokens or stablecoins. As for the Binance exchange, it now has enough problems with US regulators.