Binance To Withdraw From the Canadian Marketplace

Bank of Canada
Source: ETF Database

Binance will withdraw from the Canadian marketplace, the network announced today.

“We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users,” the tweet from Binance says. “Albeit a small market, it held sentimental value for us as the home country of our founder.”

Binance adds:

We had high hopes for the rest of the Canadian blockchain industry. 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.

Binance Official Announcement via Twitter
Binance to Withdraw from the Canadian Marketplace

The remaining Canadian Binance users are currently receiving emails on how their Binance accounts will be impacted. Recently, Canada began advocating for stricter regulation on crypto platforms, which Binance disagrees with. Hence why Binance will withdraw from the Canadian marketplace.

“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,” Binance concludes.