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Binance is exiting Canada.
The world’s largest crypto exchange said on Twitter that it is pulling out of the country due to new guidance regarding stable coins and investor limits.
“We defer this decision until we can find other appropriate avenues to protect our Canadian users, but it has become clear that there are none,” the company said.
Binance CEO Changpeng Zhao, who is a Canadian citizen, retweeted the news.
“We want to thank the regulators who worked closely with us to meet the needs of users in Canada. Despite being a small market, it holds sentimental value to us as the home country of our founder,” the exchange said.
new requirements in canada
Canadian Securities Administrators tightens registration requirements for crypto exchanges in February,
Some of those requirements include “enhanced requirements regarding the custody and segregation of crypto assets held on behalf of Canadian customers and a prohibition on offering margin, credit or other forms of leverage to any Canadian customer.”
Another requirement prohibits platforms from “allowing customers to purchase or deposit price-referenced crypto assets (commonly referred to as stablecoins).”
what will happen next
The exchange said users in Canada will receive information on how the move will affect their accounts.
“While we do not agree with the new guidance, we look forward to continuing to engage with Canadian regulators with the aim of a thoughtful, comprehensive regulatory framework. We are confident that we will someday return to the market once Canadian users have Again there will be freedom to access a broad suite of digital assets.