Cryptocurrency exchange Binance has announced that it is withdrawing from Canada due to regulatory innovations.
Binance, the largest of the cryptocurrency exchanges, shared a statement about Canada on Twitter. At the end of the statement, the exchange wrote that it was withdrawing from Canada.
Binance Withdraws From Canada Due To Impossible To Trade
Binance is leaving Canada, citing regulatory guidance that makes it untenable for its trading platform. However, the cryptocurrency exchange shared a statement on Twitter.
Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.
We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.…
— Binance (@binance) May 12, 2023
Announced plans to cease business operations in the North American country. The statement shared on Twitter included the following statements:
“Unfortunately, we are announcing today that Binance will join other leading crypto companies to proactively withdraw from the Canadian market. Although it was a small market, it had sentimental value to us as our founder’s homeland. We had high hopes for the rest of the Canadian blockchain industry.”
Binance also said that the country’s guidance has limited operations to the point where it is untenable. The post also included the following statements:
“We delayed this decision as long as we were able to explore other reasonable ways to protect our Canadian users, but it turned out that none existed.”
