Will Binance Exit U.S. Next After Canada?

Crypto News: Binance, the world’s biggest crypto exchange on Friday announced that it will be exiting from Canada in reaction to the new crypto guidelines issued for the digital asset firms. However, this move comes in when the crypto exchange faces regulatory scrutiny in the United Nations.

Also Read: Can Coinbase Drag US SEC To Provide Clear Crypto Rules After This?

Is Binance In Trouble?

As per the announcement, Binance is joining other major crypto businesses withdrawing from the Canadian marketplace. The biggest crypto exchange still holds “high Hopes” from the Canadian blockchain industry. Meanwhile, new guideline linked to stablecoin and investor limits turns out to be the massive reason behind Binance’s Canada exit.

It added that Canadian users would get receive further communication over how this exit will impact their accounts. However, the exchange mentioned that it will someday return to the Canadian Marketplace when users will regain the freedom to access a broader suite of crypto assets.

Reports suggest that CZ who holds a majority stake in the Binance.US has been looking out the ways to reduce its holding in the company. It added that Binance’s CEO has been trying to sell some of his shares since last summer. Read More Crypto News…

Also Read: Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?

It is important to note that Binance and its CEO, Changpeng Zhao are also facing legal challenges in the U.S. over not complying with the guidelines. Earlier, US Commodity Futures Trading Commission (CFTC) filed a civil suit against the CZ and three other entities that operate the Binance platform.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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