The world's largest cryptocurrency exchange announced in a tweet its exit from the Canadian market. Binance said it joins several companies and crypto businesses that have exited the Canadian market recently.
Binance statement and the secret of its decision
Binance thanked the regulators who cooperated with them to address the needs of clients in Canada. Binance pointed to the small size of the Canadian market for them, but emphasized its great emotional value as a result of it being the home of the founder of the exchange.
Binance justified its exit from the Canadian market by saying that the new directives and laws for stable currencies and the limits of investors in digital currency exchanges made the Canadian market unsuitable for Binance at the present time.
Binance also confirmed that it has delayed this as long as possible to explore other reasonable ways to protect our Canadian users. But it became clear that there is no escape.
What about existing Binance customers in Canada?
The exchange explained that the remaining Canadian users of Binance will receive an email with comprehensive information on how this will affect their accounts in the future. Binance hopes to continue working with Canadian regulators with the aim of developing a well-thought-out and comprehensive regulatory framework. And the exchange appended its statement, saying: We are confident that one day we will return to the market when Canadian users will once again enjoy free access to a wider range of digital assets.
