Binance, the leading cryptocurrency exchange and trading platform, has announced its proactive decision to withdraw from the Canadian crypto marketplace, following in the footsteps of other major crypto companies. This unfortunate move will result in the exclusion of Canadian crypto users. The announcement, delivered with a somber tone, was made on Binance’s official Twitter account on May 12, 2023.
Expressing gratitude to Canadian regulators for their collaboration in providing crypto services to Canadian customers, Binance stated that they have made the difficult choice to discontinue these services. The decision stems from stricter crypto regulations and operational guidelines imposed by authorities in Canada, causing concern within the crypto community.
Canada recently introduced new guidelines for crypto companies, including limitations on stablecoins and certain restrictions on crypto investors, which have contributed to stifling crypto operations in the country. Despite efforts to find alternative solutions to protect its Canadian users, Binance concluded that the current regulatory environment in Canada is no longer sustainable.
In a reflection on past challenges, Binance CEO Changpeng “CZ” Zhao mentioned the negative events of 2018 and acknowledged that the issue has largely been resolved, highlighting the company’s growth since then.