In a surprise move, Binance announced its withdrawal from the Canadian market
Binance, the world’s largest cryptocurrency exchange, has announced that it will withdraw from the Canadian market due to new regulatory guidelines.
The surprise release was revealed in a friday tweetstating that Canada’s recent stablecoin rules and investor limits for crypto exchanges made it impossible for Binance to continue operations in the country.
Binance specifically thanked Canadian regulators who had worked with them, but expressed disappointment with the new guidelines.
The abrupt departure underscores a growing trend among crypto firms to pull out of jurisdictions with unfavorable regulatory frameworks.
In its statement, Binance assured that all remaining Canadian users would receive full information on the impact of the withdrawal on their accounts.
The company also expressed hope for further engagement with Canadian regulators to establish a more comprehensive and thoughtful regulatory framework.
The crypto giant has also expressed hope to engage more with Canadian regulators to establish a more comprehensive and thoughtful regulatory framework. Binance remains optimistic about its future presence in Canada, stating, “We are confident that we will one day return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”