regulators canada down crypto exchange binance

#Regulators canada down crypto exchange binance registration#
#Regulators canada down crypto exchange binance series#

In March, Binance and its CEO Zhao were sued by the U.S. The digital assets industry has been in the crosshairs of regulators around the world, especially since the collapse of Binance-rival FTX in November, which triggered a market rout in the prices of the biggest digital coins.įollowing the onset of the crypto winter of 2022, which wiped out more than a trillion dollars from the industry's market value, lawmakers and securities regulators demanded tighter guidelines for disclosures on how the crypto companies operate and hold customer funds. 'We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,' said the crypto exchange, founded by Canadian national Changpeng Zhao. 'Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,' crypto exchange Binance said in a tweet.īinance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission.

#Regulators canada down crypto exchange binance series#

Featured image from BSC News, chart from TradingView.Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.Ĭanada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process.

#Regulators canada down crypto exchange binance registration#

The OSC noted that it would continue to coordinate registration efforts and process applications in collaboration with other members of the Canadian Securities Administrators. Meanwhile, according to The Logic, a news website, the company continues to function in other Canadian jurisdictions, including Alberta, where the platform was incorporated in early this year.Īccording to an OSC representative, the Alberta Securities Commission is the primary regulator of Binance Canada. Related Article | Australian Watchdog Takes Meta To Court Over Scam Crypto Ads “This is intolerable,” the announcement read. The announcement said that “Binance conveyed to OSC employees that no new transactions involving Ontario citizens will occur after December 31, 2021.”īinance has rescinded this pledge without notifying the OSC.

“This remains the case,” the OSC noted in a statement. The OSC said that no entity in the exchange’s group of enterprises was registered with the province. 31, 2021, reversing previous notification from June saying that consumers would need to withdraw their cash because of the company’s departure from the province. The crypto exchange sent an email to Ontario users in late December stating that they did not have to delete their accounts by Dec.

“The OSC reserves the authority to pursue Binance for any past, present, or future violations of Ontario securities law that are not related to the circumstances stated in the undertaking,” the OSC said in a statement yesterday. While its operations grew significantly during the COVID-19 pandemic, as retail and institutional investors alike embraced cryptocurrency, the company has come under criticism from regulators worldwide.Īdditionally, the crypto behemoth withheld information and maintained lax anti-money laundering controls, Reuters reported earlier.Ĭrypto total market cap at $1.84 trillion on the daily chart | Source: