Binance is pulling out of the Canadian market
New regulations for the Canadian securities industry have been introduced this year.
The cryptocurrency exchange has joined the ranks of other crypto businesses that are “proactively withdrawing from the Canadian marketplace.”
Although Canada is a relatively tiny market, Binance noted its “sentimental value” and expressed optimism for the future of the cryptocurrency industry in the nation.
The business claimed it had waited as long as possible to leave Canada before explaining that new regulations had rendered continued operations there impossible.
Binance has said that it disagrees with the new guidelines and will continue communicating with Canadian authorities in the hopes of returning to the market “when Canadian users will again have the freedom to utilise a broader suite of digital assets.”
Canadian securities authorities issued new laws and regulations for cryptocurrency firms to follow in February.
To be more precise, Canadian law currently mandates that cryptocurrency businesses separate customer money and prevent Canadians from engaging in margin or leverage trading.
Paxos, dYdX, Blockchain.com, and OKX are just some of the other crypto businesses that have pulled out of the Canadian market.