Binance to pull out of Canada amidst strict regulations

Photo of author

By Degen Lipsa

The largest cryptocurrency exchange in the world, Binance has announced that it is leaving Canada due to problems with the country’s investor limits and stablecoin legislation.

The exchange has announced that it will leave the Canadian market, joining other well-known crypto-focused businesses.

The exchange also claims that Canada’s market is “no longer tenable” due to new regulatory measures intended to protect investors.

“Today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace…

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. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.”

New rules issued in February by the Canadian Securities Administration (CSA) state that the regulating body may consider stablecoins to be securities or derivatives.

It claims that if the right regulations are again in place, it may someday return to Canada.

“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. 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.”

Leave a Comment