Binance said in a May 12 tweet that it would be halting operations in Canada.
The cryptocurrency exchange said that it is joining other crypto companies who are “proactively withdrawing from the Canadian marketplace.”
Binance said that Canada was a small market that carried “sentimental value” and added that it was optimistic about the development of the country’s crypto sector.
However, the company explained that recent regulatory guidance in Canada made operating in the country unfeasible and said that it delayed its departure for as long as possible.
Binance said it does not agree with the new guidance but intends to continue engaging with Canadian regulators and eventually return to the market “when Canadian users once again have the freedom to access a broader suite of digital assets.”
Canadaian crypto exdus
In February, Canadian securities regulators established new guidance requiring crypto companies to submit pre-registration filings and follow certain rules.
Specifically, crypto companies operating in Canada are now required to segregate funds belonging to Canadian users and withhold margin or leverage trading from those users.
Other crypto companies that have withdrawn their services from the Canadian market include Paxos, dYdX, Blockchain.com, and OKX.
Kraken, Coinbase, Crypto.com, and Gemini intend to continue operating in Canada.
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