Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations. Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission. “Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” crypto exchange Binance said in a tweet. Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country. “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 crypto exchange, founded by Canadian national Changpeng Zhao.
Binance pulls out of Canada amid new crypto regulations
Published on: May 15, 2023 7:13 AM