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Binance, a cryptocurrency exchange, has declared its decision to halt operations in Canada, citing a difficult regulatory landscape.
“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) issued fresh guidelines that banned crypto asset trading platforms in the country from enabling customers to purchase or deposit stablecoins without obtaining prior approval from the CSA. The approval process entails the crypto trading platform passing several due diligence checks set by the CSA.
Binance's Friday tweet expressed their disagreement with the newly imposed regulations, yet they remain committed to collaborating with Canadian regulators in order to establish a more comprehensive regulatory framework for cryptocurrencies.
In the last 12 months, Binance has faced heightened scrutiny from regulators in North America, and it seems to be scaling back its operations in the region. In fact, earlier this year, Binance had announced its intention to potentially cut ties with its business partners in the United States.
Binance's co-founder and CEO, Changpeng Zhao (also known as "CZ"), is a Canadian citizen, and the company has stated that its decision to exit the country holds a significant emotional attachment.
In late March, CoinDesk reported that Binance was highly likely to withdraw from Canada, while its competitor Coinbase was in discussions to explore options to maintain its operations in the country.
Source Coindesk
