Cryptocurrency Exchange Coin Announces Exit from the Canadian Market
On May 12th, the world's largest cryptocurrency exchange, Coin On, announced its withdrawal from the Canadian market, stating that it is no longer suitable for Coin On due to "new guidelines related to stable currencies and investor restrictions on cryptocurrency exchanges". In recent months, Canada has tightened its regulation of crypto asset trading platforms by introducing a pre registration process, and companies that do not comply with regulations will face potential enforcement actions
On May 12th, the world's largest cryptocurrency exchange, Coin On, announced its withdrawal from the Canadian market, stating that it is no longer suitable for Coin On due to "new guidelines related to stable currencies and investor restrictions on cryptocurrency exchanges". In recent months, Canada has tightened its regulation of crypto asset trading platforms by introducing a pre registration process, and companies that do not comply with regulations will face potential enforcement actions. Last year, Coin On was restricted in Ontario, Canada.
Although we do not agree with the new guidelines, we hope to continue working with Canadian regulatory agencies with the aim of establishing a thoughtful and comprehensive regulatory framework. Canadian users of the exchange will receive an email containing information on how their accounts will be affected. Coin An added that when "users have free access to a wider range of digital asset suites," it believes that "one day" will return to the Canadian market.
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