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Binance Holdings Ltd. is leaving Canada for now due to the new crypto policies that were imposed in the country. While it is ending its business there, the crypto exchange firm said it will continue to work with regulators until a middle ground is reached.
Binance is the largest crypto exchange in the world based on volume, and it explained that the new regulations related to stablecoins and investor limits are the reasons that pushed it to withdraw in Canada. Due to the current difficult regulatory environment in the country, the company confirmed it would stop all operations there.
“We had high hopes for the rest of the Canadian blockchain industry,” Binance stated via social media. “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.”
As per CoinDesk, it was in February this year when the Canadian Securities Administrators (CSA) announced it had imposed new guidance. The policy states that crypto asset trading platforms operating in the country are prohibited from allowing customers to buy or deposit stablecoins without prior approval from the CSA.
To get the approval, the crypto trading platform is required to pass CSA’s string of due diligence checks. With this, Binance made the decision to just withdraw its operations in Canada. The company said while it does not agree with the new regulations, it is still hoping to work with the local regulators to develop a crypto regulatory that would be agreeable to their side too.
“While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework,” CoinTelegraph quoted Binance as saying in a statement.
Meanwhile, before its pullout, Binance has been operating in all provinces and territories in Canada except Ontario. The service in Ontario was stopped in March 2022 following a lengthy disagreement with the local regulators of the province.
Photo by: Kanchanara/Unsplash
