Binance, the world’s largest cryptocurrency exchange, is set to exit the Canadian market due to new regulatory guidelines.
The platform announced on Friday that it had postponed the decision for as long as possible to explore other ways to protect its Canadian users.
However, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canadian market no longer tenable for Binance at this time.
While Binance does not agree with the new guidelines, it hopes to continue to engage with Canadian regulators toward a thoughtful and comprehensive regulatory framework.
The exit from Canada marks another step back for Binance, which has been advocating for more regulatory clarity across the globe and seeking regulatory approval in most of the jurisdictions where it offers its services.
The decision comes after the Canadian Securities Administrators (CSA) issued new guidance in February regarding stablecoins.
The CSA had requested that crypto trading platforms operating in the country seek approval before allowing customers to use stablecoins on their platforms, including buying or depositing stablecoins.
The new requirement meant that exchanges had to undergo further due diligence checks amid the tightening regulatory scrutiny.
