Binance has shut down operations in Canada:

Taken directly from their twitter post:

Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.

We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users. Albeit a small market, it held sentimental value for us as the home country of our founder. We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.

Our remaining Canadian users are receiving an email with comprehensive information on how this will impact their accounts going forward. While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework. We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.

At this point, Binance.US shutting down is a foregone conclusion.

49 thoughts on “Binance has shut down operations in Canada:”

  5. Sad news for Canada. Even in the UK Binance are suspending the bank transfers by end of this month.

  11. If it’s not profitable then it’s not profitable. Hopefully Canadian people have other options

  12. I assume this will motivate scammers to send fake emails saying that you need to get your money out since Binance is shutting down in Canada, that could definitely work

  14. They certainly don’t make it easy on exchanges there. It partly makes sense after FTX I guess, but decent rules and common sense oversight are a better way to go

  15. gif

    I am sorry when reading Canada I can only imagine this.

    Probably Canada gov is being a pin in the ass.

  16. It will be taught in history books how North America totally shit the bed in the early days of an industry that eventually took over a large percentage of world finance.

    The lead that other countries were provided as a direct result of North American hostility will be known as a catalyst of prosperity for many world regions.

    America will forever regret this hostility, and it could very well be a truly measurable catalyst for the end of the union entirely.

    What shit leadership we have around these parts. Wow.

  17. Binance Coin pros & cons with related info are in the collapsed comments below.

  18. This kind of decisions is bad for mass adoption.

    I know you all hate CEX because of many good reasons but you need to take a step back and understand this; people don’t want to worry about all that it implies. They won’t adopt crypto if it’s not as easy to use as their bank account.

  20. The Canadian government seems like one of the more anti crypto govts out there

  21. Im so fed up with canada shitty political decision we’re slowly driving every crypto company out of the country.

  23. My first and most important concern is how will this affect the BSC and BSC tokens for Canadians.

    Will all BSC tokens be inaccessible, or is there trusted pathways in Canada to get onto and off of BSC without using binance?

    I’ve only used Binance to get on/off of BSC. Although I’ve heard of other services that allow that, it felt safest to use the exchange that created and maintains BSC. Finding a trusted service now feels like I’ll be inundated by scams trying to take all my crypto.

  24. Sad to see them go as my primary go to. Think i’ll have to go full on defi. Its just that they offer really good spreads, trade fees and buying value.

  25. We didn’t like Binance in here, but now that Binance is being bullied, we take their side. Pretty nice of our sub to be honest.

  26. its almost like the government doesnt like competition and wants to control us…. 🤔

    nah! couldnt be!

  29. Again I find myself defending a regulator, this time Ontario Securities Commission… Wonders never cease.

    However with all the torches and pitchforks burning this thread down, I think it’s prudent for folks to DYOR.

    The reason Binance is pulling out (and 12 crypto exchanges are NOT) is because they – unlike other exchanges – are unwilling to segregate customer assets effectively so that in the event of insolvency, Canadian customers don’t end up like FTX customers.

    This isn’t about rules that nobody can follow. IT’s about rules Binance doesn’t want to follow. And for good reason. It means they can’t front run, they can’t pull FTX stunts like borrowing customer funds and lending them to affiliates, but instead they have to behave like an actual exchange. It’s mostly about custodial accounts. Which even PayPal seems to be able to manage. And they have to disclose who they are and where they are domiciled, which is currently murky AF.

    It’s kind of everything we want centralized exchanges (who in my mind serve one and only one useful purpose) to go through, for the protection of their customers.

    Do the RESEARCH part of DYOR before just reading the headline and bitching about regulators.

    Actual rules: [edit: wrong link… fixed] https://www.osc.ca/en/securities-law/instruments-rules-policies/2/21-332/csa-staff-notice-21-332-crypto-asset-trading-platforms-pre-registration-undertakings-changes ]

    Firms which have complied: https://www.osc.ca/en/industry/registration-and-compliance/registered-crypto-asset-trading-platforms

  31. I hate my government. What an absolute disaster. Soon, we won’t have any crypto exchanges at all.

  36. Although don’t like CEX but sad that regulators are making tougher and harder for everyone to trade crypto.

  37. And this is the email we get:

    Important notice about your Binance account

    Dear Binancian,

    We regret to inform you that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. Albeit a small market, it held sentimental value for us as the home country of our founder. We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.

    We ask the existing Canadian customers to close any open positions by September 30, 2023.  From October 1st, 2023, Canadian customers will be put into liquidation only mode. This means that you will no longer be able to use any product on the platform, except to reduce, redeem or close open positions and withdraw funds and cryptocurrencies from the exchange.  Your funds will remain safe in your account until you withdraw them. You will be able to withdraw your cryptocurrencies to your self-custody wallet or your cryptocurrency account on another exchange.

    While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework. We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.

    We sincerely apologize for the inconvenience caused by this change. If you have any questions or require assistance, please contact Customer Service. 

    Thank you,

    Binance

  39. This is extremely bullish for crypto.

    Now people will take things into their own hands and have their own hard wallets and conduct without the need of an exchange (which is a central point of failure anyways).

    This is helping mass adoption tremendously.

  40. Lmao to translate:

    ‘Any nation that requires audits, liquidity, or basic protections, is asking for a level of customer protection we are simply not equipped to provide.”

  41. Kraken is still give there. Those guys are probably going yo stay as my go to exchange. Best one I’ve tried.

  42. Use NDAX. Easy to use and are working with regulation. If you’re worried about KYC then you’re on your own

  43. The Canadian Crypto Fans are lucky. IMHO, CZ, and Binance are the next FTX but more significant and shadier.

  46. never trusted binance since they came up with binance shitcoin chain with all the scam tokens

  47. I used to only use ftx until it was banned in Ontario Canada … then ftx went down. It’s another blessing in disguise.

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