world’s largest cryptocurrency stock market Binance, announced that it will withdraw from the Canadian market due to new regulations regarding stablecoins and investor limits introduced to cryptocurrency exchanges.
The exchange said in a tweet that it was exploring other reasonable ways to protect its Canadian users, but none of them turned out to be possible. The exchange thanked the regulators who worked collaboratively with it to meet the needs of Canadian users and expressed hope to continue interacting with them in the future.
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) May 12, 2023
Binance also said that Canada, as the hometown of company founder Changpeng Zhao, has a sentimental value to it. He added that he has high hopes for the rest of the Canadian blockchain industry, but that the new regulation makes the market no longer sustainable for Binance at the moment.
The exchange said its remaining Canadian users will receive an email with extensive information on how this will affect their accounts. He recommended that these customers pull them out as soon as possible.
*Not investment advice.
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