Binance Leaves Canada, Says Regulation 'No Longer Tenable'
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Cryptocurrency exchange Binance is leaving the Canadian market, saying the local regulation is "no longer tenable." In a tweet announcement, the exchange said it was trying to find "other reasonable avenues" to offer services to Canadian users.

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Binance noted new regulation related to stablecoins and investor limits provided to crypto exchanges makes it impossible for the exchange to offer services in Canada. The company added:

"While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework."

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In February, the Canadian Securities Administrators (CSA) required all crypto businesses to fill pre-registration with a detailed description of how clients' funds are stored and segregated. The CSA also banned offering margin, credit, or other forms of leverage to any Canadian client.

Coinbase said it is negotiating with Canadian regulators to obtain a license to continue its operations in the country. Gemini also filed a pre-registration undertaking with the Ontario Securities Commission. It is unclear, why Binance decided to exit the Canadian market.

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