The largest cryptocurrency exchange in the world stated that the departure was due to new instructions about stablecoins and investor limitations.
Weeks after the nation established several new rules for cryptocurrency exchanges, including investor limitations and required registrations, Binance said on Friday that it planned to leave Canada.
The launch of a pre-registration procedure in Canada in recent months has resulted in tighter rules for platforms that trade crypto assets.
On the website of the Ontario Securities Commission, it is stated that firms that do not follow the guidelines may be subject to enforcement action.
“Unfortunately, (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,” cryptocurrency exchange Binance stated in a tweet.