Quote from: Oshosondy on May 12, 2023, 10:50:23 PM

It was OKX before, now Binance will stop providing exchange services to Canadians. It is because Binance is not able to meet the new regulatory policy concerning stable coins.

https://twitter.com/binance/status/1657099651210969088?t=iyxq7EHvzHsRxxZKgjlpRA&s=19

If you are from Canada, it is better for you to move you coins out of Binance.

The same reason OKX withdrew from Canada: To OKX Canadian users

Quote from: https://www.asc.ca/-/media/ASC-Documents-part-1/Regulatory-Instruments/2023/02/6082629-CSA-Notice-21-332-Crypto-Trading-Platforms.ashx

The new commitments we are now requesting from unregistered CTPs relate to the following areas:

•enhanced commitments in relation tothe custody and segregation of crypto assets held on behalf of Canadian clients;
•enhanced commitmentsto precludethe unregistered CTP frompledging, re-hypothecatingor otherwise usingcrypto assets held on behalf of Canadian clients;
•a prohibition on the part of the CTP offering margin, credit or other forms of leverage to any type of client in connection withthetrading of crypto contracts or crypto assets on the CTP’s platform;
•new commitments from controlling mind(s) and global affiliates that affect the CTPentity seeking registration and relief;
•restrictions on the part of the CTP relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP,in determining the capital of the CTP for excess working capitalpurposesand in determining the capital base of the CTP;
•enhanced commitments in relation to the filing bytheCTP of financial information with the CSA on a regular basis;
•enhanced commitments in relation to the retention of a qualified Chief ComplianceOfficer (CCO)during the pre-registration process;
•a prohibition on the part of the CTP in respect of clients buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins)through crypto contracts without the prior written consent of the CSA; and
•a prohibition on the part of the CTP in respect oftrades in crypto contractsbased on proprietary tokens, except with the prior written consent of the CSA.

What a hardcore way to handle stablecoins - it's practically a ban. I wonder where this stems from exactly:
- The need to protect against anything that could threaten a government-based stable-coin or
- Protection for stable-coin users because of the fear that they may be innsuficiently backed which could result in massive losses when the card-house collapses

In any case, I wonder why Binance doesn't just shut-out any stablecoin based trading on their platform instead of a complete withdrawal from Canada.