Left in the Dark: The Plight of Canadian Users

Cryptocurrency exchange Binance has announced that it will start winding down its operations in the Canadian market due to new government guidelines issued to exchanges. The firm said that the regulations from the Canadian Securities Administrators (CSA), which include a ban on selling stablecoins without permission as well as other measures, were too burdensome. Canadian users can expect emails with further information detailing the impact on their accounts. Binance had reportedly already agreed to stop onboarding new Canadian users in the largest province, Ontario. Nevertheless, Binance says it is hopeful that it will one day “return to the market when Canadian users…have the freedom to access a broader suite of digital assets”. Meanwhile, Binance’s US venture is reportedly considering reducing Chengpeng Zhao’s majority stake in light of multiple investigations by regulators.