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The best info I have taken away from this is to just go with cold storage until the dust settles around here. In a tweet Friday, Binance said new guidance for crypto exchanges in Canada related to stablecoins and investor limits has made the market no longer tenable. It can therefore be a difficult task for investors to find an exchange thats the right fit with so many options. If anyone has some ideas I’d love to hear them! Thank you!Įdit Also, for the alt coins I hold on Binance that are not supported by other exchanges, what are my options? The only things I can think of is convert to BTC or some other common coin then sending that to another exchange, or depositing to cold storage and waiting for them to be tradeable on an exchange in Ontario again someday… Any ideas?Įdit 2 There is no guarantee that the Ontario Securities Commission stops banning exchanges, Binance, KuCoin, and others got swept up recently but we could see many more in the coming months, including Coinbase! Ontario is in a very rough spot right now. There are many reputable crypto exchanges in Canada to choose from to purchase digital assets. The ability to transfer crypto back into cash in the bank, efficiently.An easy to use and understand UI on said exchange.The ability to deposit directly from my banking institution.As a relatively new crypto investor (1 year) I’m a bit lost on what to do or where to go? For recommendations I’m looking for Until recently, Binance was banned in Ontario but accessible to the rest of Canada. China has also cracked down on the crypto sector in. Now that Binance is gone, previous users are wondering where to turn. The post Binance Joins Exchange Exodus From Canada, Binance Canada in the Works? appeared first on Crypto News Land.So, following the regulation news from our OSC, it seems Binance and many other exchanges will be restricted, or otherwise outright banned in Ontario and banned quickly! As someone who lives here, what the fuck do I do now? ANY recommendations or help would be appreciated! (Are there Other exchanges that meet regulations here? If so what are they and which are the go-to’s?) I am thinking about Coinbase but their fees are higher than Binances were, and their alt coin trading is almost non existent compared to Binance. Binance will no longer service customers in Ontario, Canada, as of December 31 after regulators there ramped up oversight of crypto markets. KPMG Canada Adds Bitcoin and Ethereum to Balance SheetĬanada's Privacy Watchdog Probes OpenAI Over ChatGPT ScandalĬanada Rejects Crypto Mining Firms and Operations However, some are still able to comply with Canada’s strict impositions, including Coinbase,, and Kraken.Ĭrypto Exodus from USA to UK, EU, UAE, Hong Kong, Singapore Along with all gyms, saloons closed and now this. I am in ottawa and this makes me hate Ontario. Considering 40 of Canadian population stay in Ontario this is gonna be really bad for binance and crypto all together. And asks users to close the position by year end. Prior to Binance, other exchanges that withdrew from Canada are OKX, Paxos, and dYdX. Binance has announced that Ontario, Canada has become a restricted jurisdiction. Trading Fees: Coinbase Simple fees stand at 0.99 for orders of 10 or lower, 1.49 for orders between 10-25, 1.99 for orders between 25-50, and 2.99 for orders between 50-200. Specifically, Binance has a separate exchange entity - Binance US. However, Coinbase is one of the crypto exchanges with a complex fee structure, and they are on the high side for small-volume traders. Meanwhile, others are encouraging Binance to replicate what it is doing in the US. The exchange is still open to returning to Canadian shores once it has come up with a feasible plan, as per the post. Despite the imposition, the exchange said that it explored all avenues to continue serving what it called a small market especially since CEO Changpeng Zhao (CZ) is a Canadian citizen.īinance is not closing its doors to Canada, however. The platform recently announced its withdrawal from Canada because of. However, regardless of your choice, the first step is always to ensure. The reason, as per Binance’s latest post, is that the new rules that Canadian regulators are putting in place make it difficult for the exchange to operate in a ‘tenable’ manner.Īs seen in the tweet above, the new rules that Binance finds distasteful pertain to stablecoins and investor limits. Binance is the biggest cryptocurrency exchange in the world based on trading volume. Our top picks based on these factors include Kraken, Bitbuy, Uphold, Bybit, and Binance. Some are suggesting Binance create a separate entity similar to Binance US.Ĭrypto exchanges that left Canada include OKX, dYdX, and Paxos.īinance has announced its exit from Canada following other crypto exchanges’ exodus. Binance has announced its departure from Canada, citing rules on stablecoin and investor limits.
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