By Ketki Saxena
Investing.com -- Earlier today, Binance announced its decision to exit the Canadian market following the introduction of new guidelines for cryptocurrency exchanges. These guidelines include investor limits and mandatory registrations, which have been implemented by the country in recent weeks.
New Regulations Impacting Crypto Trading Platforms
In an effort to tighten regulations around crypto asset trading platforms, Canada has introduced a pre-registration process. The Ontario Securities Commission's website states that companies failing to comply with these rules may face potential 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,"
said the company via Twitter.
Binance's Disagreement with Latest Guidance and Future Plans
The leading crypto exchange expressed its disagreement with the latest guidance and aims to engage in discussions with Canadian regulators. Their goal is developing a comprehensive framework for cryptocurrency operations within the nation.
"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," said Binance, which was founded by Canadian national Changpeng Zhao.