Binance announced to withdraw from Canadian crypto market

Binance, one of the world's largest cryptocurrency exchanges, has announced its decision to withdraw from the Canadian market on 12 May, 2023. The move comes as a result of new regulations that have been implemented by the Canadian government. Binance has stated that it will cease all operations in Canada by the end of the year.

The new regulations require cryptocurrency exchanges to register with the Canadian government's financial intelligence unit and comply with anti-money laundering and counter-terrorist financing laws. Binance has stated that it is unable to meet these requirements and will therefore be forced to leave the Canadian market.

“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.

This decision by Binance is likely to have a significant impact on the Canadian cryptocurrency market, as the exchange was one of the most popular platforms for buying and selling cryptocurrencies in the country. It remains to be seen how the Canadian government will respond to this move and what impact it will have on the wider cryptocurrency industry.

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