Binance Set To Leave Canadian Market Due To Unfavorable Regulatory Landscape
- Binance has announced that it will wind down its operations in Canada.
- The crypto exchange cited Canada’s challenging regulatory landscape for the decision to exit.
- Binance joins the likes of dYdX and OKX, which have decided to leave the Canadian market for similar reasons.
The world’s largest crypto exchange is set to exit the Canadian crypto market. Binance announced earlier today that it will be winding down its operation in Canada, citing the challenging regulatory environment created by the enhanced investor protection commitments that were introduced by the Canadian Securities Administrators.
Binance: Canada Is No Longer A Tenable Market
According to a recent tweet from Binance, the crypto exchange is proactively withdrawing from the Canadian marketplace. The tweet blamed Canada’s new guidance related to stablecoins and investor limits published for crypto exchanges for the firm’s decision to exit the country. The regulations reportedly made Canada untenable for the firm to operate in.
The crypto exchange stated that Canada was a relatively small market, but held sentimental value given that it is the home country of founder and CEO Changpeng Zhao. The exchange explored reasonable avenues to protect its Canadian users, but all efforts were futile. In the tweet, the exchange thanked the Canadian regulators who collaborated with the exchange to address regulatory concerns.
While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework.”
As for the exchange’s Canadian customers, the tweet clarified that they received emails containing comprehensive information regarding the impact of the latest development. Binance is confident that it will return to Canada once its regulators allow citizens to access a broader range of digital assets. With its latest decision, Binance joins fellow crypto exchanges OKX and dYdX, which announced their intention to depart Canada earlier this year due to the shakeup in regulations.
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