Binance cryptocurrency exchange exits Canadian market
Binance Withdraws from Canadian Market Due to New Regulations
Binance, one of the world’s leading cryptocurrency companies, has announced that it will be “proactively” pulling out of the Canadian market due to new regulations. The company stated that the recent investor limits for stablecoins and crypto exchanges have made the Canadian market unbearable for Binance.
“We had high hopes for the rest of the Canadian blockchain industry,” said Binance in a statement. “Unfortunately, the new regulation is making it difficult for us to continue operating in Canada at the moment.” Binance had postponed this decision while exploring alternative options to protect its Canadian users but found no feasible solution.
Binance will be emailing its Canadian users to inform them of how their accounts will be impacted by this decision. The company hopes to continue working with Canadian regulators to create a comprehensive regulatory framework for the industry.
Canada has recently tightened regulations for crypto-asset trading platforms, which has caused concern among companies operating within the industry. While Binance does not agree with the new regulations, it aims to work with regulators to find a solution that benefits all parties involved.
