Binance, the world’s largest crypto exchange, has announced that it is pulling out of the Canadian market due to regulatory uncertainty.
In a statement released on Friday, the company said that new guidelines from Canadian regulators had made the market “no longer tenable” for its operations.
Binance is just the latest platform to withdraw from the Canadian market due to regulatory concerns. In February, the Canadian Securities Administrators (CSA) issued new guidelines for crypto trading platforms operating in the country, requiring them to seek approval before allowing customers to use stablecoins on their platforms.
While Binance has sought regulatory approval in most of the jurisdictions where it operates, the company said that it could no longer operate in Canada due to the new regulatory guidance related to stablecoins and investor limits.
The exchange had put off the decision to leave as long as it could, it said, but it now hopes to engage with Canadian regulators on a comprehensive regulatory framework.