Binance announced its exit from the Canadian market due to new guidelines imposed by the country’s regulators that continue to impact the cryptocurrency sector. Calling its withdrawal “proactive,” the cryptocurrency exchange joins other smaller competitors that also left Canada due to restrictions imposed by the Canadian Securities Administrators (CSA) on February 22.

Although Binance submitted a pre-registration commitment, they explained in a tweet: “Unfortunately, the new stablecoin-related guidelines and investor limits provided to cryptocurrency exchanges make the Canada market no longer sustainable for Binance in this moment”. The new CSA rules prohibit companies from allowing Canadian customers to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or derivative, defining stablecoins as a security.

The exchange sent an email to its Canadian users, informing them that they must close their open positions by September 30, 2023. As of October 1, 2023, Canadian clients will only be able to liquidate. Despite disagreeing with the new guidelines, Binance looks forward to working with Canadian regulators to establish a thoughtful and comprehensive regulatory framework.

Binance’s departure follows the withdrawal of other prominent players from the Canadian cryptocurrency market, including OKX in March, decentralized exchange dYdX in April, and blockchain fintech Paxos. However, cryptocurrency enthusiasts in Canada still have options, as Kraken submitted a new pre-registration commitment in March and has stated its intention to remain in the country. The CSA has authorized 11 platforms to conduct operations with Canadian citizens.

K. Tovar

Source: Coindesk

(Reference image source: sebastiaan stam, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Binance will quit the Canadian market in September apareció primero en Bitfinance.

The negative balance of the trade balance of the eurozone stood at 34.4 billion euros last September, compared to the surplus of 6.7 billion euros in the same month of 2021, according to data on international trade in goods published by this Tuesday Eurostat, the community statistics office.

Specifically, exports of goods to the rest of the world rose 23.6 %, up to 259,600 million euros, while imports expanded 44.5 %, up to 294,000 million. Commercial activity between euro partners experienced an increase of 247.6 billion euros, which is equivalent to a year-on-year increase of 27.3 %.

With respect to the activity registered in the first nine months of the year, the euro area recorded a trade deficit of 266.6 billion euros, compared to the surplus of 129.2 billion in the same period last year. Exports up to September grew 19.2 %, up to 2,120 billion euros, while imports advanced 44.7 %, up to 2,386 billion. Commercial activity between euro partners between January and September was 27.1 % higher, standing at 2.021 trillion.

On its side, the trade balance of the European Union (EU) showed a negative balance of 45,800 million, multiplying by 152 the trade deficit of September 2021.

Exports from the community bloc to the rest of the world in the ninth month of the year grew 24 % year-on-year, to 232,000 million, while imports advanced 48.2 %, to 277,800 million. The commercial activity between them was 383,000 million, 26.1 % more.

Between January and September, the Twenty-seven observed exports of 1.889 billion euros, 18.8 % more, while exports were 2.247 billion, 49.7 % more. The commercial activity between the Member States until September reached 3,131 trillion, 25 % more.

The United States remained the country to which the EU directed the most exports until September, with 375.5 billion euros (+29 %). Behind were the United Kingdom, with 243,600 million (917.7 %) and China, with 170,500 million (+2.8 %). In turn, the Twenty-seven imported goods mainly from China (470.7 billion), the United States (262.3 billion) and the United Kingdom (167.3 billion).

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: dpa

La entrada The eurozone registered a trade deficit of 34,400 million in September apareció primero en Bitfinance.

The Gross Domestic Product (GDP) of the United States experienced an increase of 0.6% in the third quarter of 2022, according to the first estimate of the data published this Thursday by the US government’s Bureau of Economic Analysis (BEA).

In this way, the United States left the technical recession in which it had entered the second quarter, when the economy contracted by 0.1 %, after having observed a fall of 0.4 % in the first three months of the year. Technical recession is called, according to the consensus of economists, the economic situation that occurs when two quarters of economic contraction are chained together.

The BEA detailed that, between July and September, there was a small decrease in investment in private inventories, although non-residential fixed investment accelerated and government spending increased. Residential fixed investment also fell and consumer spending slowed.

In purely annualized terms, the Bureau’s preferred way of presenting the data, US GDP rose 2.6 % in the third quarter of the year, compared with a 0.6 % decline in the second quarter. The annualized decline in the first quarter was 1.6 %.

In the third quarter, the BEA indicated that the saving rate of Americans was 3.3 %, one tenth less than in the previous three months. On its side, disposable income increased by 1.7 %, after having fallen by 1.5 % between April and June.

K. Tovar

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: El Español

La entrada The United States managed to get out of the recession apareció primero en Bitfinance.