Binance is withdraws from Canada

[Oshosondy]

It was OKX before, now Binance will stop providing exchange services to Canadians. It is because Binance is not able to meet the new regulatory policy concerning stable coins.

https://twitter.com/binance/status/1657099651210969088?t=iyxq7EHvzHsRxxZKgjlpRA&s=19

If you are from Canada, it is better for you to move you coins out of Binance.

The same reason OKX withdrew from Canada: To OKX Canadian users

The new commitments we are now requesting from unregistered CTPs relate to the following areas:

•enhanced commitments in relation tothe custody and segregation of crypto assets held on behalf of Canadian clients;
•enhanced commitmentsto precludethe unregistered CTP frompledging, re-hypothecatingor otherwise usingcrypto assets held on behalf of Canadian clients;
•a prohibition on the part of the CTP offering margin, credit or other forms of leverage to any type of client in connection withthetrading of crypto contracts or crypto assets on the CTP’s platform;
•new commitments from controlling mind(s) and global affiliates that affect the CTPentity seeking registration and relief;
•restrictions on the part of the CTP relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP,in determining the capital of the CTP for excess working capitalpurposesand in determining the capital base of the CTP;
•enhanced commitments in relation to the filing bytheCTP of financial information with  the CSA on a regular basis;
•enhanced commitments in relation to the retention of a qualified Chief ComplianceOfficer (CCO)during the pre-registration process;
•a prohibition on the part of the CTP in respect of clients buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins)through crypto contracts without the prior written consent of the CSA; and
•a prohibition on the part of the CTP in respect oftrades in crypto contractsbased on  proprietary tokens, except with the prior written consent of the CSA.

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[PX-Z]

It was OKX before, now Binance will stop providing exchange services to Canadians. It is because Binance is not able to meet the new regulatory policy concerning stable coins.

That's the only thing they can do before the SEC moves and charge them with millions, like Bittrex in US.
The more regulations become strict and shitty the more users will suffer and will end up using DEX. Well, if there is good on their taste.

Maybe we will see another big exchange stop operating on this strict regulatory policy of these countries, next is in EU or maybe it already happened.

[boyptc]

I know that we're against these centralized exchange holding our funds but for the sake of liquidity and support that they're giving to everyone. Thanks to these regulators that are too strict with the compliance that they're giving to these companies like Binance.

They're pushing away huge money that should flow into their economies. And anyway, what they like to implement with that bold part is truly against what crypto is all about.

Maybe we will see another big exchange stop operating on this strict regulatory policy of these countries, next is in EU or maybe it already happened.

That will be for sure and this is the time to shine for those little countries that are crypto friendly.

[Kryptowerk]

It was OKX before, now Binance will stop providing exchange services to Canadians. It is because Binance is not able to meet the new regulatory policy concerning stable coins.

https://twitter.com/binance/status/1657099651210969088?t=iyxq7EHvzHsRxxZKgjlpRA&s=19

If you are from Canada, it is better for you to move you coins out of Binance.

The same reason OKX withdrew from Canada: To OKX Canadian users

The new commitments we are now requesting from unregistered CTPs relate to the following areas:

•enhanced commitments in relation tothe custody and segregation of crypto assets held on behalf of Canadian clients;
•enhanced commitmentsto precludethe unregistered CTP frompledging, re-hypothecatingor otherwise usingcrypto assets held on behalf of Canadian clients;
•a prohibition on the part of the CTP offering margin, credit or other forms of leverage to any type of client in connection withthetrading of crypto contracts or crypto assets on the CTP’s platform;
•new commitments from controlling mind(s) and global affiliates that affect the CTPentity seeking registration and relief;
•restrictions on the part of the CTP relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP,in determining the capital of the CTP for excess working capitalpurposesand in determining the capital base of the CTP;
•enhanced commitments in relation to the filing bytheCTP of financial information with  the CSA on a regular basis;
•enhanced commitments in relation to the retention of a qualified Chief ComplianceOfficer (CCO)during the pre-registration process;
•a prohibition on the part of the CTP in respect of clients buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins)through crypto contracts without the prior written consent of the CSA; and
•a prohibition on the part of the CTP in respect oftrades in crypto contractsbased on  proprietary tokens, except with the prior written consent of the CSA.

What a hardcore way to handle stablecoins - it's practically a ban. I wonder where this stems from exactly:
- The need to protect against anything that could threaten a government-based stable-coin or
- Protection for stable-coin users because of the fear that they may be innsuficiently backed which could result in massive losses when the card-house collapses

In any case, I wonder why Binance doesn't just shut-out any stablecoin based trading on their platform instead of a complete withdrawal from Canada.

[DavideBaldini]

I wonder where this stems from exactly

One reason for the restriction is that stablecoins move national currency into foreign banks, depriving local banks of fractional reserve from which they draw interests.
Another reason is that such bans are put in place solely to stabilize the economy and protect investors from malinvestments.

But one of the these two reasons is BS.

[Ndabagi01]

It was OKX before, now Binance will stop providing exchange services to Canadians. It is because Binance is not able to meet the new regulatory policy concerning stable coins.

Why are all of these countries enacting strict regulations to temper the existence of these well-known exchanges, which they are also playing an important part in the development of the bitcoin market? I simply wish Binance had made the proper decision by entirely discontinuing operations in Canada, despite the fact that the restrictions only apply to the use of stable coins. It will have a significant impact on the people there using Binance, and I assume Binance has made it easy for them to access and withdraw their assets.

[hugeblack]

Although these rules are a little strict but are they difficult to meet, in my opinion the platform can meet them if the number of Canadian users is enough to keep the platform operating profitably.
Is there any news or plans about OKX.ca or Binance.ca (like Binance.us,) or will they avoid providing services to Canadian clients?
What are the crypto exchange services now available to those in Canada?

[Oshosondy]

Is there any news or plans about OKX.ca or Binance.ca (like Binance.us,) or will they avoid providing services to Canadian clients?
What are the crypto exchange services now available to those in Canada?

I do not think that is what Canada wants, unlike United States that prefer an exchange to have US domain, US workers, servers and every other thing that make up the exchange to be located in US. So I do not think there is anything like that coming up.

According to what I check just now on Cointelegraph OKX and Binance are still the only centralized exchanges that have withdrawn from Canada. Also an Ethereum decentralized exchange dYdX. Including a crypto brokerage provider, Paxos.

OKX pulled out of the Canadian market in March. It was followed in April by the decentralized exchange dYdX and blockchain fintech Paxos.

There are some well known international exchanges that are providing crypto exchange services to Canadians. I scrolled down this link below to check the lists of countries Kucoin is providing crypto exchange services for and Canada is one of them.

https://www.fxempire.com/crypto/exchange/kucoin/review

Well known exchanges in Canada:
https://www.forbes.com/advisor/ca/investing/cryptocurrency/best-crypto-exchanges/

[WillyAp]

Binance is a high risk company.
What do you need binance for?

Most wallets do swaps And Binance is a middleman who shouldn't be present in P2P transactions.

[YOSHIE]

It was OKX before, now Binance will stop providing exchange services to Canadians. It is because Binance is not able to meet the new regulatory policy concerning stable coins.

This is bad, as far as I know in Canada Legality or crypto exchanges are generally legal there, even though there are several statutory policies that have been determined by the Canadian government regarding crypto exchanges operating there. Binance is one of the exchanges that is well received by the Canadian community in general.

Besides Binance there are several other exchanges operating in Canada that are well received, such as BitBuy, Kraker, KuCoin and others, I wonder whether other exchanges like I mentioned will follow in Binance's footsteps too, due to the regulatory policies carried out by the Canadian government. .....!

As I saw in one of the sources, Binance is still looking for the best solution in Canada.

Binance added they did not agree with the new regulations but still hoped to work with Canadian regulators to further develop the regulatory framework around cryptocurrencies.

Remembering and considering the policies conveyed by CZ against Canadian citizens.

Changpeng Zhao (CZ) is a Canadian citizen. So that Binance's exit from Canada is considered a sentimental thing.

[WillyAp]

If you are from Canada, it is better for you to move you coins out of Binance.

Binance is just a replacement for banks, Binance is the middleman.