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Post says OSC, ASC rules prompts Binance to quit Canada

2023-05-17 09:33 ET - In the News

Also In the News (C-*ASC) Alberta Securities Commission

The Financial Post reports in its Wednesday edition that amid a crypto winter, the Canadian cryptocurrency landscape remains in flux. The Post's Barbara Shecter writes that on May 12, Binance, the world's largest crypto exchange, announced it was pulling out of the country because of new regulations put in place by the Canadian Securities Administrators. That came just days after the Bank of Canada said it was pushing ahead with an investigation of whether to create a purely digital version of the Canadian dollar. Founded by Canadian Chang-peng Zhao, Binance has had a rocky relationship with regulators in this country for a few years. After first tangling with the Ontario Securities Commission, which required crypto platforms to register in order to operate beginning in 2021, the global giant switched gears and incorporated in Alberta in January, 2022. However, after regulators across the country, including the Alberta Securities Commission, followed the OSC's lead in December, 2022, and required crypto platforms to register. Binance said on May 12 that it disagreed with some of the new rules, adding it would return "when Canadian users once again have the freedom to access a broader suite of digital assets."

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