Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal “proactive” as new guidance issued by Canadian regulators continues to take a toll on the country’s crypto industry.
Binance is joining some of its smaller competitors in the Canadian exodus brought on by the introduction of rules by the Canadian Securities Administrators (CSA) on Feb. 22 that required them to file new preregistration undertakings and adhere to added restrictions.
Although Binance had reportedly filed a new preregistration undertaking, it explained in a 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.”
The new CSA rules prohibited firms “from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative,” and defined stablecoins as a security.
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
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Author: Derek Andersen
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