Binance quits Canada amid the challenging regulatory environment

The world’s largest crypto exchange Binance has announced its exit from Canada due to stricter crypto rules in the country.

According to the representatives of the exchange, the trading volume in Canada was not very large, but Binance has always treated this country in a special way, since CEO Changpeng Zhao is a Canadian citizen.

According to an announcement published by Binance, the company had high expectations for the Canadian crypto industry, but new regulatory rules make the Canada market no longer tenable for Binance. The company tried to find ways to protect Canadian users, but could not do it. All clients will receive emails with information about the necessary actions.

The company is hopeful that it will be able to return to the Canadian market, and residents of the country will get free access to digital assets.

Binance has joined other crypto companies that have left the Canadian market. On February 22, the Canadian Securities Administrators (CSA) introduced new rules that prohibit users of crypto platforms from buying stablecoins and making deposits without prior approval from the CSA.

Earlier, OKX ceased operations in Canada, ordering its Canadian clients to close trading positions by June 22. The decentralized exchange dYdX also announced its withdrawal from the Canadian market and stopped the registration of new users.

Paxos also decided to leave Canada, but the company allows for the possibility of returning to the country in the future.

Binance has recently been the object of increased attention from North American regulators. Experts admit the possibility of a complete termination of the exchange’s business in this region. Earlier, the US Commodity Futures Trading Commission sued Binance, and the US Justice Department is probing the company because of ignoring international sanctions against Russia.