Binance stated, “We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
Crypto exchange Binance announced its plans to suspend operations in Canada, citing a harsh regulatory environment as the reason behind withdrawing from the nation.
In a recent Twitter post, Binance said the exchange will soon send emails detailing the impact of its decision to pull out of Canada to the affected users. According to Binance, the platform delayed the announcement as it sought other ways to offer services to its Canada-based users.
Binance concluded the post by noting the exchange may return to Canada when the regulators ease up the rules for crypto platforms. In its words,
“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”
Earlier in February, the Canadian Securities Administrators (CSA) published a new set of rules for the regulation of crypto platforms. Under the new guidelines, crypto service providers will be required to submit pre-registration undertakings before they can register with the regulators.
The new rules also forbid registered crypto platforms from offering stablecoin trading facilities to Canadian clients.
Soon after the CSA published the new guidelines, many crypto platforms, including OKX, Derebit, and dYdX decided to exit Canada due to the harsher regulatory environment.
Meanwhile, Coinbase and Kraken have submitted their pre-registration undertakings to acquire operational permits from the regulators.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedIn
