The world’s largest crypto exchange by volume says it is leaving Canada over national regulation issues over stablecoins and investor limits.
In a new announcement, Binance say that it will join other prominent crypto-focused companies and exit the Canadian market.
According to Binance, Canada’s new regulatory measures designed to protect investors make the market “unsustainable”.
“Today we are announcing that Binance will join other prominent crypto companies in proactively withdrawing from the Canadian market…
Unfortunately, new guidelines regarding stablecoins and investor limits for crypto exchanges mean that the Canadian market is no longer viable for Binance at this point. We have postponed this decision for as long as possible to explore other reasonable avenues to protect our Canadian users, but it has become clear that there are none.”
In February, the Canadian Securities Administration (CSA) issued new guidelines indicating that the regulatory body may consider stablecoins as securities and/or derivatives.
Binance says it may one day return to Canada once more appropriate regulation is in place.
“While we disagree with the new guidelines, we hope to continue to engage with Canadian regulators to develop a thoughtful, comprehensive regulatory framework. We are confident that we will return to the market one day when Canadian users are once again free to access a wider range of digital assets.”
Earlier this month, Bloomberg reported that the Justice Department is investigating Binance Holdings to see whether or not the company’s crypto exchange was in violation of sanctions against Russia.
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Image generated: Midway through the journey