Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Friday that it is “proactively withdrawing from the Canadian market.” The company thanked the regulators who worked with them and said that the Canadian market was “small.”decided to withdraw
from the Canadian market. The company noted that it was the home country of its founder and cited regulatory guidance as the reason for its decision. Binance claims that the new regulatory climate in Canada makes it less feasible for its digital currency business to operate in the country. “Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,” Binance tweeted on Friday. The trading platform’s social media account added:
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.