Binance withdraws from Canada – Bloomberg HT

In a statement from the company, it was noted that Binance will “proactively” withdraw from the Canadian market, joining other leading crypto companies.

“We had high hopes for the rest of the Canadian blockchain industry,” the statement said. “Unfortunately, the new regulation regarding investor limits for stablecoins and crypto Exchanges is currently making the Canadian market unbearable for Binance.” evaluation was made.

It was stated in the statement that Binance postponed this decision as long as it explores other reasonable ways to protect its Canadian users, but it was stated that there was no such way.

In the statement, it was reported that other users of Binance remaining in Canada will receive an email with extensive information on how their accounts will be affected by this decision.

While Binance does not justify the new regulation, it hopes to continue to engage with Canadian regulators who aim for a rigorous and comprehensive regulatory framework. expression was used.

Canada has tightened regulations for crypto-asset trading platforms in recent months.