Due to new regulatory guidelines, Binance, the biggest cryptocurrency exchange in the world, has announced it will leave the Canadian market.
The unexpected move was announced in a tweet on Friday, which claimed that Canada’s latest stablecoin regulations and investor restrictions for cryptocurrency exchanges rendered it unprofitable for Binance to maintain operations there.
In particular, Binance commended the Canadian regulators who had cooperated with them, but they also voiced dissatisfaction with the new instructions.
The sudden departure highlights a rising tendency among cryptocurrency firms to avoid locations with unfavourable regulatory environments.
Binance guaranteed in its statement that all surviving Canadian users will get full information about how the withdrawal will affect their accounts.
In order to create a more thorough and considerate regulatory environment, the corporation has indicated its desire to collaborate with Canadian regulators more.
In order to create a more thorough and considerate regulatory framework, the crypto giant has indicated its desire to interact with Canadian officials more. When asked about its plans to operate in Canada, Binance expressed optimism, saying, “We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”
