Binance, once one of the largest cryptocurrency exchanges globally, announced its discontinuation of operations in Canada due to stringent regulatory requirements imposed on crypto trading in the country. The question of whether Binance is still legal in Canada in 2023 remains a topic of interest and debate among both industry professionals and ordinary investors.

The Canadian Securities Administrators (CSA), which includes provincial securities regulators across the nation, have been stringent in their approach to cryptocurrency exchanges operating within its borders. The CSA has mandated that any cryptocurrency exchange wishing to operate legally within Canada must adhere to a strict set of regulatory standards designed to protect consumers and ensure transparency and security of transactions.

Binance's decision to discontinue operations in Canada was not an easy one. Binance, founded in 2017 by Changpeng "CZ" Zhao, has consistently grown to become one of the world’s leading cryptocurrency exchanges with a significant user base globally. However, the regulatory environment in Canada posed challenges that could potentially jeopardize its operations and reputation within the country.

One critical factor influencing Binance's decision not to operate in Canada is the platform's non-compliance with Canadian regulatory requirements. To be legally operational in Canada as a cryptocurrency exchange, an entity must register with the CSA and comply with its regulations. This includes adhering to anti-money laundering (AML) policies, customer data retention standards, and other safeguards designed to protect consumers from financial harm.

Binance's failure to comply with these requirements has been a significant obstacle in its attempt to operate legally within Canada. The exchange was accused of not providing sufficient transparency about the identities of its customers and partners, which is in direct violation of Canadian securities law. Moreover, Binance's lack of physical presence within Canada made it challenging for the platform to provide adequate regulatory oversight and customer support that could meet Canadian standards.

As a consequence of these regulatory hurdles, Binance announced its discontinuation of operations in Canada. This decision marked a significant shift in the global cryptocurrency exchange landscape, as Binance had once held a substantial market share in the Canadian crypto trading scene.

So, is Binance still legal in Canada? The answer, at least for now, is no. However, it's important to note that this assessment could change in the future. Cryptocurrency regulation within Canada remains fluid, and new rules or amendments may provide pathways for cryptocurrency exchanges like Binance to regain legal status.

For investors looking to engage in cryptocurrency trading activities in Canada, they have a variety of other platforms to choose from that are fully compliant with Canadian regulatory requirements. These include well-established platforms such as QuadrigaCX, Kraken, and others that are registered with the CSA and meet all necessary criteria for legal operations within the country.

In conclusion, while Binance has ceased its operations in Canada due to regulatory challenges, it's not entirely out of the realm of possibility for the platform to revisit its presence within Canadian borders in the future, particularly as cryptocurrency regulation evolves. For now, however, investors seeking legal trading activities on a Canadian platform must look elsewhere beyond Binance.