Binance withdraws from Canada due to strict crypto regulations

Binance has just announced that it will be withdrawing its business and operations in Canada, weeks after the country introduced a series of new guidelines for crypto exchanges on investor limits and mandatory registrations.

The new guidance was introduced last April which saw the Canadian Securities Administrators (CSA) release new guidelines for crypto exchanges to either register their business within 30 days or leave.

Those who decide to register will need to pass the CSA’s due diligence checks and adhere to stricter rules, most especially prohibiting users from buying or depositing stablecoins without the approval of the CSA.

Binance on Twitter has said that the “new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time”. 

They also emphasized that Canadian users will receive an email with comprehensive information on how this will impact their accounts moving forward and that it still hopes to work with Canadian regulators and “explore other reasonable avenues” to protect its Canadian users.

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