Binance announces its withdrawal from the Canadian market due to the regulatory climate

Decided cryptocurrency trading platform binance Binance To withdraw from the Canadian market, citing regulatory guidelines as the reason for its decision.

Also Read: Canada: Police Launch Cryptocurrency and Blockchain Investigation Center

The exchange claims that the new regulatory climate in Canada makes it unfeasible to pursue its cryptocurrency business in the country, tweeting on Friday:

Unfortunately, today we announce that Binance It will join other prominent crypto companies in pre-emptively withdrawing from the Canadian market.”

“As new guidance regarding stablecoins, and investor limits introduced to cryptocurrency exchanges, make the Canadian market unviable for us. at this time.

We put this decision on hold when we could have explored other reasonable ways to protect our Canadian users, but it has become clear that there are none.”

Notably, this news comes after a UK court overturned a provisional order against binanceThe court ordered the exchange to hold onto a certain amount of cryptocurrency, after a scam victim claimed to have traced the stolen funds to the exchange.

As a report last week made clear, the US Department of Justice is investigating binance regarding alleged violations of Russian sanctions.

In turn she said binance That Canadian users will receive an email containing important details about the fate of their accounts in the future, and despite the regulatory climate surrounding stablecoins and investor limits, the exchange expressed its willingness to cooperate and communicate with Canadian regulators.

Also read: Canada: Merger of “Wonderify”, “Coin Square” and “CoinSmart” companies into a crypto-asset platform

Finally, the exchange concluded that it remains optimistic that a thoughtful framework will be established in the future, which will likely pave the way for it to resume its services to Canadians.