Coin An has officially withdrawn from the Canadian market, stating that it hopes to cooperate with Canadian regulatory agencies

Interface News Reporter | Si Linwei

On May 13th Beijing time, the world's largest cryptocurrency trading platform, Coin An, announced its official withdrawal from the Canadian market. Coin An released this news on its official social media platform, stating that the reason for its withdrawal is due to the recent new regulatory guidelines for cryptocurrencies by Canadian regulatory authorities. Coin An stated that it will follow the footsteps of other cryptocurrency companies and actively withdraw from the Canadian market.

Coin An wrote in the announcement: We would like to express our gratitude to the regulatory agencies that have collaborated with us to address the needs of Canadian users. Although the market is small, as the homeland of our founders, it has emotional value for us. We have high hopes for the rest of the Canadian blockchain industry. Unfortunately, the new guidelines related to stable currency and investor restrictions provided to cryptocurrency exchanges make the Canadian market no longer suitable for cryptocurrency security at this time. As long as we We can explore other reasonable ways to protect our Canadian users, and we will postpone this decision, but obviously there is no solution

Coin An will send an email to its Canadian users with detailed information. And they do not agree with Canada's new regulatory guidelines for cryptocurrencies, but they hope to cooperate with the country's regulatory authorities and return to the market at a future date.

Zhao Changpeng, the founder and CEO of Coin An, confirmed the announcement on social media and tweeted, saying, "Don't worry. In the long run, some negative news often turns into positive. There is a Chinese proverb. New (usually better) opportunities always emerge during times of change," and he added, "Look at the long run

Since the FTX incident, the Canadian Securities Administration (CSA) issued a notice on February 22 of this year, listing the relevant rules of several crypto asset trading platforms that prohibit crypto asset trading platforms in the country from allowing customers to purchase or deposit stable currency without prior approval from CSA. Obtaining approval requires the cryptocurrency trading platform to conduct various due diligence investigations through CSA.

Under increasingly strict regulatory regulations, many cryptocurrency trading platforms have chosen to withdraw from the Canadian market. The stable currency issuer Paxos recently announced that it will withdraw from the Canadian market starting from June 2nd. On March 20th, OKX, another major cryptocurrency trading platform, sent an email to its Canadian users informing them that starting from 12:00 a.m. Eastern Standard Time on March 24, 2023, they will no longer be able to open new accounts or use services due to new regulations.

It is worth noting that although Canada's share in the cryptocurrency market is not high, many celebrities in the cryptocurrency field come from Canada, including Zhao Changpeng, the founder of Coin An, and Vitalik Butlin, the founder of Ethereum.