2023-05-13 00:20:38
© Reuters. Depiction of cryptocurrency is seen in front of Binance logo 3/4/2022 REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
(Reuters) – Binance Inc announced on Friday it is leaving Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges, including investor limits and mandatory registrations.
Canada has tightened regulations for cryptocurrency trading platforms in recent months, introducing a pre-registration process.
“Unfortunately, the new guidance regarding stablecoins and limiting the (amount) provided by investors to cryptocurrency exchanges makes the Canadian market unsustainable for Binance at this time,” the company said on Twitter.
Binance has stated that it does not agree with the latest rules and looks forward to engaging with Canadian regulators to create a comprehensive framework aimed at cryptocurrency trading in the country.
“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader set of digital assets,” said the company, founded by Canadian citizen Changpeng Zhao.
The digital asset sector is in the crosshairs of regulators around the world, especially after the collapse of Binance competitor FTX in November, which triggered a plunge in the prices of the largest digital currencies.
(Reporting by Manya Saini in Bengaluru)
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