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Email that Binance sent out today to Canadian customers today.
Important notice about your Binance account
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.
HowToBuyBitcoin101.com is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. Personal investment disclosure: I am long BTC & ETH. I take profits when I feel like it. I trade altcoins in hot markets. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
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