Binance, the world’s largest crypto exchange by trading volume, announced on Friday that it is “proactively withdrawing from the Canadian market.”
“We had high hopes for the rest of the Canadian blockchain industry,” Binance wrote in a tweet. “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.”
In February, the Canadian Securities Administrators (CSA) issued new guidance that prohibited crypto asset trading platforms within the country from allowing users to buy or deposit stablecoins without the CSA’s prior approval.
In its tweet, Binance added that it did not agree with the new regulations but still hopes to work with Canadian regulators to further develop a regulatory framework around cryptocurrencies.
“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,” said the exchange, founded by Canadian national Changpeng Zhao.
Binance joins a long list of crypto companies that have chosen to leave Canada due to its regulatory environment, including OKX, Paxos, and dYdX.
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