attorneys in Seattle reportedly asked financial firms to hand over records of communication with Binance because of its proximity to its collapsed competitor.
Investigations picked up after the bankruptcy of mega crypto exchange FTX last November. Just in April, lawyers hit Binance boss Changpeng Zhao and his exchange with a $1 billion civil lawsuit for allegedly touting unregistered securities and paying celebrities to help do so. The CFTC, SEC, and IRS have all opened investigations into the exchange and Department of Justice prosecutors in December were reportedly weighing up whether to aggressively go after the exchange or take time to review more evidence. According to a statement provided to Blockworks on Friday, said it would soon be shuttering its institutional exchange service for U.S. Major regulators-mainly American ones-have been on Binance’s tail for some time now. In the May 18 filing, Binance adds that the “investigation order has no legitimate purpose” and that the exchange has already exited Ontario and Canada.Ī hearing on whether the investigation will be dropped will take place on June 2, according to Capital Market Tribunal documents.īinance isn’t the only crypto firm to find Canada a difficult place to do business: yesterday, digital asset exchange Bybit said it was leaving the country, and OKX in March announced it was pulling out, citing “new regulations.” The exchange asked the Securities Commission to then drop the investigations-claiming it was “extremely broad” and “issued without any actual factual basis.” Commodity Futures Trading Commission for operating what the regulator alleged was an "illegal" exchange and a "sham" compliance program.$0.04067041 -2.36% Terra Classic (Wormhole)īinance days later announced that it was leaving the country due to “new guidance related to stablecoins and investor limits.” In March, Binance and its CEO Zhao were sued by the U.S. USD +0.98 +1.54 Binance, the world’s biggest crypto exchange, said it will exit Canada after the country moved to impose new regulations on digital-currency trading platforms.
#REGULATORS CANADA DOWN CRYPTO EXCHANGE BINANCE SERIES#
The digital assets industry has been in the crosshairs of regulators around the world, especially since the collapse of Binance-rival FTX in November, which triggered a market rout in the prices of the biggest digital coins.įollowing the onset of the crypto winter of 2022, which wiped out more than a trillion dollars from the industry's market value, lawmakers and securities regulators demanded tighter guidelines for disclosures on how the crypto companies operate and hold customer funds. Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.
"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," said the crypto exchange, founded by Canadian national Changpeng Zhao. "Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time," crypto exchange Binance said in a tweet.īinance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country. Coinbase is in talks with regulators about remaining in Canada, according to a person familiar with the matter, as the country tightens rules for cryptocurrency exchanges. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission. (Reuters) -Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.Ĭanada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process.
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