Binance, the world’s biggest cryptocurrency exchange, is leaving Canada
The exchange announced the move on Twitter Friday afternoon.will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,” the tweet read.
Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.…Binance pointed to “new guidance related to stablecoins and investor limits provided to crypto exchanges” as making the market “untenable.”
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 theThe crypto exchange said it put off the decision to leave the market for as long as it could to protect its Canadian users but found no path forward.
The exchange said Canadian customers will receive an email with information on how their accounts will be affected.
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