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Binance, the world’s largest cryptocurrency exchange by trading volume, is exiting Canada given the country’s new guidance on stablecoins and investor limits provided to crypto trading platforms.
“New guidance related to stablecoins and investor limits provided to crypto exchanges makes Canada no longer tenable for Binance at this time,” it tweeted. “We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.”
The platform does not agree with the new guidance, but it hopes to continue engaging with Canadian authorities to ensure a comprehensive regulatory framework. “We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,” it said.
Note that its CEO Changpeng Zhao is a Canadian citizen.
Binance was earlier seeking registration in Canada and was in active talks with regulators for the same. At the time, Binance denied a media report that it was considering exiting Canada.
Coinbase (COIN) was also in talks with regulators about securing the appropriate license to continue operating in Canada.
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Image and article originally from seekingalpha.com. Read the original article here.