Binance will stop operating in the Canadian market.
The network said today that Binance will leave the Canadian market.
“We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users,” the tweet from Binance says. “Albeit a small market, it held sentimental value for us as the home country of our founder.”
Binance also announced :
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. 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.
Emails describing how their Binance accounts would be affected are now being sent to the remaining Canadian Binance users. Binance disagrees with Canada's recent push for greater regulation of cryptocurrency exchanges. This is the reason Binance is leaving the Canadian market.
"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," Binance says in its last statement.