Binance, the world’s largest crypto exchange by trading volume, has announced its exit from Canada. The Crypto platform reveals its move on Friday, noting that new guidelines made the decision “no longer tenable” for its operations.
“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,” the exchange said in a tweeted statement.
The Crypto exchange giant says it has “put off this decision as long as [it] could to explore other reasonable avenues to protect [its] Canadian users.” However, it’s joining other platforms to withdraw from the market after the latest regulatory move.
“While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework,” Binance wrote.
Binance is a major player in the crypto industry that has sought regulatory approval for most jurisdictions where it offers its service. It has also been one the main supporters of more regulatory transparency across the globe.
Its decision to exit Canada comes just a few weeks after the Canadian Securities Administrators (CSA) released new guidelines regarding stablecoins. The February Communication asked crypto-trading platforms in the country to seek approval before allowing their customers to use stablecoins. This requirement included the purchase or deposit of stablecoins. Due diligence checks were also required for the exchanges due to increased regulatory scrutiny.
