News Contents
Coinbase in Talks with Regulators to Stay in Canada, While Binance Considers Leaving
As Canada tightens regulations for cryptocurrency exchanges, Coinbase is reportedly in discussions with regulators to stay in the country, while Binance is considering leaving. Canada set a March 24 deadline for businesses to pledge to tightening regulations surrounding cryptocurrencies in the country, in response to the high-profile exchange blowup QuadrigaCX faced several years ago.
Coinbase’s Plans to Stay in Canada
A spokesperson for Coinbase, Elliott Suthers, said in a statement to CoinDesk that “We remain as committed as ever to the Canadian market as a core component of our international road map.” Coinbase, which is headquartered in the United States, is talking about obtaining the necessary licence to continue doing business in Canada.
Binance’s Possible Departure from Canada
Binance, on the other hand, may be leaving Canada, according to an anonymous source. A spokesperson for Binance, whose CEO is Canadian Changpeng Zhao, claimed that the exchange “has not made definitive plans yet.” However, another spokesperson confirmed that the exchange “is actively engaged with the [Canadian Securities Administrators] in its pursuit of registration” after the publication of this story.
Other Exchanges’ Decisions
Deribit has informed customers that it is leaving, and Blockchain.com verified its departure to CoinDesk. In contrast, Crypto.com intends to stay in Canada, according to an anonymous source. A statement from Kraken is anticipated shortly.
New Regulatory Framework in Canada
The new regulatory framework unveiled on February 22 requires the segregation of assets kept in custody and tightens restrictions on certain trades involving stablecoins or proprietary tokens, margin trading, and rehypothecation.
News Summary
- As Canada tightens regulations for cryptocurrency exchanges, Coinbase is reportedly in discussions with regulators to stay in the country.
- Binance is considering leaving Canada, according to an anonymous source.
- Deribit has informed customers that it is leaving, and Blockchain.com verified its departure to CoinDesk.
- Crypto.com intends to stay in Canada, according to an anonymous source.
- A statement from Kraken is anticipated shortly.
Canada’s efforts to tighten regulations surrounding cryptocurrencies will have a significant impact on exchanges. While Coinbase plans to stay in the country, Binance may be leaving. Deribit and Blockchain.com are also leaving, while Crypto.com intends to stay. As the regulatory framework evolves, the decisions of these exchanges will determine the future of cryptocurrency trading in Canada.
