Binance said on Friday it will join other prominent crypto businesses in “proactively withdrawing” from the Canadian marketplace.
“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” the crypto exchange said in a tweet.
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.
Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country.
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)