Crypto Wild West is Getting Tamed: Binance High-Tails Outta Canada Amid Regulatory Ruckus

[CryptoButthead.com , msteph , msch , May 15, 2023] Howdy friends! Pull up a chair an’ lend an ear – there’s a whole heap of hullabaloo brewin’ in the wild world of crypto. Y’see, them lawmen regulators have been rustlin’ up some serious heat this year, more than ever before, and it’s got the whole industry shakin’ in their boots.

Nowhere is this more clear than in them North American parts. Yonder in the U.S., the mighty Securities and Exchange Commission (SEC) has been swingin’ its lasso left and right, threatening legal showdowns with anyone it sees fit. No one’s safe, not even the biggest gunslinger in town, Coinbase (COIN). Back in March, the SEC sent them a Wells Notice, which is like a wanted poster tellin’ em they might be in for a heap of trouble over violations of federal securities laws.

The whole dustup is about what kind of critter a cryptocurrency really is. The SEC says most cryptos, ‘cept for Bitcoin, are securities, which means they’d have a whole lot of sway over the industry.

Over in Canada, they’re puttin’ the squeeze on crypto too. Crypto folks got a stern warnin’ in February that they’d have to abide by “enhanced investor protection commitments” if they wanted to keep doin’ business. Seems like they’re mighty worried about folks losin’ their shirts to some scam, so they’re tightenin’ their grip and killing the financial freedom of each citizen. It is not less than to dictate, what you are allowed to do with your money. Get real! You are no longer allowed to decide what to do with your money.

So these new rules are provin’ too much for some. Binance, the biggest crypto exchange in town, has decided to pack up and hit the trail outta Canada. The CEO, a Canuck himself, says it’s all because of these newfangled rules.

They don’t rule out the idea of comin’ back one day, though. “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,” they said. Until then, Canadian Binance users are gonna get some instructions on what this all means for them.