The world's most popular exchange by volume is leaving Canada due to new guidance related to stablecoins and investor limits.
"Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace," the exchange announced on Friday.
"In February, the Canadian Securities Administrators (CSA) revealed new guidance that prohibited crypto asset trading platforms within the country from allowing customers to buy or deposit stablecoins without the CSA’s prior approval. Obtaining approval would require the crypto trading platform to pass the CSA’s various due diligence checks", CoinDesk wrote.
"Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time."
"We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none."
"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."