While Coinbase maintains its presence in Canada, Binance may be prepared to exit

Key Points:

• With regards to Canada additionally fixing lawful guidelines connected with digital currencies, Binance might leave this inquiry.
• Coinbase, a rival, is still debating whether or not to apply for the necessary license to continue operating in the country.
• Companies in Canada were given until March 24 to pledge to tighten regulations governing cryptocurrencies in the country.

According to Coindesk, Coinbase is in talks with Canadian regulators to get the right license to continue doing business there, according to people who are familiar with the situation. In the meantime, Binance might leave this market.

“We remain as committed as ever to the Canadian market as a core component of our international road map.”

Print a statement to CoinDesk, Elliott Suthers, Coinbase’s communications director, said

Binance could leave Canada, according to an anonymous source who was familiar with the situation. In any case, a representative for Binance said the trade “still can’t seem to foster a reasonable arrangement.”

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Numerous crypto service providers have had to decide whether to leave or stay since Canada’s reform of crypto regulations. People who are familiar with the situation claim that Crypto.com also intends to remain in Canada. Recently, OKEx declared its withdrawal from Canada.

Kraken is anticipated to issue a statement on the subject in the near future, and Blockchain.com and Deribit have also announced that they will be leaving the Canadian market.

Companies in Canada had until March 24 to commit to tightening regulations on cryptocurrencies in the country, which experienced a well-known exchange explosion when QuadrigaCX went bankrupt a few years ago.

On February 22, the Canadian Protections Administrative Power (CSA) gave new crypto guidelines, requiring trades and different stages to agree with “improved financial backer insurance responsibilities,” including isolating Canadian clients’ crypto resources and restricting Canadian clients from giving escrow etc. Forms of leveraged trading and the ban on selling stablecoins without a CSA license

After causing damage to cryptocurrencies like LUNA-UST and, most recently, FTT-FTX worth tens of billions of dollars, the entire crypto industry is under the control of the regulatory framework.