Binance, the largest cryptocurrency exchange in the world, says it is pulling out of the Canadian market. The exchange announced the move on Twitter Friday afternoon. “Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,” the tweet read.
Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.
We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.… — Binance (@binance) <a href=«https://twitter.com/binance/status/1657099651210969088?ref_src=» https:>May 12, 2023 Binance pointed to “new guidance related to stablecoins and investor limits provided to crypto exchanges” as making the market “untenable.” Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process.
The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission.