Crypto Exchange Binance Announces Exit from Canada, Citing Regulatory Tensions

Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment.

“We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “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.”

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.

Source: Crypto Exchange Binance Announces Exit from Canada, Citing Regulatory Tensions