On May 12th, the Cryptocurrency Exchange announced on Twitter that Coin An will withdraw from the Canadian sales market. It referred to the withdrawal as "proactive", as the new implementation opinions released by Canadian regulatory authorities once again had an impact on the country's cryptocurrency sector.
On February 22nd, the Canadian Securities Administration (CSA) issued a requirement to require Coin An to submit a new pre registration service commitment, strictly adhering to additional restrictions, and Coin An joined some smaller competitor teams.
Although it is reported that Binance has already submitted a new pre registration service commitment, it explained in its tweet that:
Unfortunately, the new implementation opinions related to stable currency and the investor restrictions provided to the cryptocurrency exchange make it no longer applicable to the Canadian sales market at this stage
A new CSA standard prohibits companies from "allowing Canadian customers to sign cryptocurrency contracts and trade all cryptocurrency assets that are themselves securities and/or derivatives", and defines stable currency as securities.
OKX withdrew from the Canadian sales market in March. Slightly inferior refers to the blockchain technology exchange dYdX and blockchain finance high-tech Paxos.
Coin An has sent an email to Canadian customers indicating that they will be forced to close their positions before September 30, 2023. Starting from October 1, 2023, Canadian customers are entering settlement only mode, "the company warned. The exchange added:
Although we are unwilling to receive new implementation opinions, we look forward to continuing to engage with Canadian regulatory authorities to establish a carefully considered and comprehensive regulatory framework
Coin An operates in all provinces or territories in Canada, but outside of Victoria. After long-term disagreements with provincial regulatory agencies, Coin An withdrew from Victoria in March 2022.
However, for login password enthusiasts in Canada, nothing has been lost. Kraken submitted a new pre registration service commitment in March and stated that it would stay in Canada. CSA lists 11 channels authorized to explore the market with Canadians
Journal: Toronto Cryptocurrency Handbook: Data Encryption Big Cities