U.Today - , the world's largest cryptocurrency exchange, has announced it will withdraw from the Canadian market due to new regulatory guidance.
The surprise exit was revealed in a , stating that Canada's recent rules related to stablecoins and investor limits for crypto exchanges made it unviable for Binance to continue its operations in the country.
Binance specifically thanked those Canadian regulators who had worked collaboratively with them but expressed disappointment with the new guidance.
The abrupt departure underscores a growing trend among crypto businesses retreating from jurisdictions with unfavorable regulatory frameworks.
In its statement, Binance assured that all remaining Canadian users would receive comprehensive information regarding how the withdrawal will impact their accounts.
The company also expressed its hope to engage further with in order to establish a more comprehensive and thoughtful regulatory framework.
The crypto behemoth also expressed its hope to engage further with Canadian regulators in order to establish a more comprehensive and thoughtful regulatory framework. Binance remains optimistic about its future presence in Canada, stating, "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."