Binance Shuts Down Operations In Canada Due To Tight Regulations.

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A couple hours ago, the CEO of Binance, Changpeng Zhao made a tweet expressing that Binance would cease operations in Canada following issues with regulatory bodies and this seemed like one of those news thats not really good for crypto plus its surprising since Binance's CEO is a Canadian. Apparently, there had been some long and ongoing issues with regulatory bodies in Canada starting with Ontario regulatory bodies which seeked compliance of crypto firms with their regulations.


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Binance considered some of the regulations to be too strict/tight and bad for business and so had ceased operations in Ontario as at January this year. However, since the FTX crash and several other serious issues that have arised in the crypto space, all Canadian provinces now have strict laws on crypto and other securities and Binance still doesn't agree with these regulations hence the shutting down of activities in Binance until further notice.

As at early this year, residents of Ontario couldn't access Binance because Binanace had ceased opertations in the province due to hicks with Ontario regulatory bodies. Other parts of Canada had access to Binance then but now, I dont think anyone would be having access to the Canadian version of Binance. However, the Global version of Binance should stilll be accessible by Canadians if vpn is used to bypass which would be the case since most canadians prefer Binance over most other exchanges. However, this might be seen as illegal and I'm quite sure there won't be protection if any Canadian got affected by an issue with Binance.

So far, the middle east seems to be the most friendly location with regulations that aren't so strict towards crypto and this explains why it is the desired location for the headquarters of so many crypto firms like Binance. Also plus many countries in the middle east are tax free. Binance CEO, Changpeng Zhao, also stated that conversations are still ongoing to find a middle ground but I don't think we'll be seeing any developments soon because Canada has been really strict with the regulations & laws on securities and they don't seem like they're going to back down, atleast not now.



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