Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is shutting down its operations in Canada. The news was announced in a blog post on the Binance website on Thursday, December 27.
The blog post cites “regulatory uncertainty” as the primary reason for the shutdown. Binance has been in operation in Canada since 2018 and has been working closely with regulators to obtain the proper licenses to operate.
However, the company has been unable to obtain the required approvals from Canadian regulators and has decided to cease operations in the country.
Binance users will have until January 10, 2020, to withdraw their funds from the exchange. After that date, all account balances will be frozen and no further withdrawals will be processed.
Binance has also indicated that it may reopen its Canadian operations in the future if the regulatory environment becomes more favorable.
NOTE: This is a warning regarding the question of whether the cryptocurrency exchange platform Binance is shutting down in Canada. It has been reported that Binance is not shutting down in Canada and that their platform remains open to Canadian users. Therefore, all claims or reports suggesting otherwise are false and should be disregarded. Furthermore, please do not give any personal information or funds to any third party claiming to represent Binance or offering access to Binance services in exchange for money.
This is not the first time that Binance has had to shut down operations in a country due to regulatory issues. In September 2019, Binance announced that it was shutting down its operations in Japan due to “continued requests” from Japanese financial authorities.
The company has also been forced to shutter its offices in Taiwan and Hong Kong due to unfavorable regulatory environments.
The shutdown of Binance’s Canadian operations is a blow to the cryptocurrency industry in Canada. The country has been working hard to attract cryptocurrency and blockchain companies, but regulatory uncertainty remains a major obstacle.
The Canadian Securities Administrators (CSA), a group of provincial and territorial securities regulators, recently released guidance on initial coin offerings (ICOs), but many companies are still waiting for clarity on how ICOs will be regulated in Canada.
The CSA’s guidance is not binding, and it remains to be seen how ICOs will be regulated in practice. In the meantime, companies like Binance are forced to make difficult decisions about whether to continue operating in Canada.
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