Binance to stop serving Canadian market, blames new stablecoin guidance

Cryptocurrency exchange giant Binance says it will be withdrawing its services from Canada.

In a tweet, it blamed its decision to depart the country on new guidance related to stablecoins and investor limits provided to crypto exchanges.

Binance says the regulations have made the Canadian market “no longer tenable” for the company.

It says it put off the decision as long as it could while it explored other avenues, but recently found there are none.

Binance promised to send Canadian users emails discussing how the move will impact their accounts.

The company’s departure from the market comes after the Canadian Securities Administrators announced stricter requirements for cryptocurrency companies around cash and asset storage and the purchase and deposit of stablecoins.

“While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework,” Binance said in a tweet.

“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.”

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.