Binance, the world’s largest cryptocurrency exchange by volume, has made the decision to halt its operations in Canada, citing the challenging regulatory landscape as the primary reason. In a tweet on Friday, the company expressed disappointment regarding the new regulations pertaining to stablecoins and investor limits, which have rendered the Canadian market untenable for Binance at present.
The Canadian Securities Administrators (CSA) introduced fresh guidelines in February, which forbade crypto asset trading platforms from enabling customers to purchase or deposit stablecoins without prior approval from the CSA. Such approval necessitates successful completion of the CSA’s rigorous due diligence checks.
Binance, in its tweet, acknowledged its disagreement with the new regulations while expressing a desire to collaborate with Canadian regulators in order to foster the development of a comprehensive regulatory framework for cryptocurrencies.
Over the past year, Binance has faced increased scrutiny from regulators in North America, prompting the exchange to reduce its operations in the region. Earlier this year, Binance revealed its contemplation of severing ties with its business partners in the United States.
It is worth noting that Binance’s co-founder and CEO, Changpeng Zhao (CZ), is a Canadian citizen, and the company’s departure from Canada holds sentimental value in light of this fact.