As the cryptocurrency landscape evolves, so too does the network of providers that support this dynamic and innovative sector. Recently, Binance, one of the world’s leading cryptocurrency exchanges, announced its decision to cease operations in Canada.
The company expressed disappointment, saying it had high hopes for the Canadian blockchain industry. The decision was driven by new regulatory guidance introduced by the Canadian Securities Administrators (CSA) related to stablecoins and investor limits.
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.…
— Binance (@binance) May 12, 2023
In February, the Canadian Securities Administrators (CSA) revealed new guidance that prohibited crypto asset trading platforms within the country from allowing customers to buy or deposit stablecoins without the CSA’s prior approval. To obtain this approval, crypto trading platforms would need to pass the CSA’s various due diligence checks.
Binance co-founder and CEO Changpeng Zhao, who is a Canadian citizen, has described the company’s exit from Canada as holding sentimental value.
With Binance’s exit, we understand that Canadian crypto enthusiasts might be seeking a reliable and trusted platform to continue their crypto journey. We want to assure you that HoneyBadger is here to provide just that. Our ATMs and online portal offer a tangible, user-friendly way to buy and sell cryptocurrencies, making them a great option for both newcomers and seasoned crypto users.
Our strength lies in our deep understanding of local Canadian markets, our commitment to compliance, and our dedication to providing excellent customer service. As a Canadian company, we understand the unique needs and preferences of our customers, and we tailor our services to meet those needs.
We are excited about the future of cryptocurrency in Canada. As the landscape continues to evolve, HoneyBadger will continue to adapt and innovate, providing our customers with the best crypto services in the country. We’re ready to step up, fill the gap, and support our customers during this transition.
While the world of cryptocurrency may be rapidly evolving, our dedication to providing you with secure, reliable, and convenient services remains constant.