In a tweet on May 12, Binance announced its decision to halt operations in Canada, following the footsteps of other proactive crypto companies that have withdrawn from the Canadian marketplace.
While acknowledging Canada’s sentimental value and expressing optimism for the country’s crypto sector, Binance cited recent regulatory guidance as the reason for its departure, deeming it unfeasible to continue operating under the new conditions.
Despite disagreeing with the new guidelines, Binance expressed its intention to maintain engagement with Canadian regulators and return to the market when users regain the freedom to access a broader range of digital assets.
The regulatory landscape changed in February when Canadian securities regulators introduced new guidelines, mandating pre-registration filings and imposing specific rules on crypto companies.
Notably, companies operating in Canada are now required to segregate funds belonging to Canadian users and withhold margin or leverage trading from them.
Binance joins the ranks of Paxos, dYdX, Blockchain.com, and OKX, all of which have withdrawn their services from the Canadian market.
On the other hand, Kraken, Coinbase, Crypto.com, and Gemini have expressed their intent to continue operating in Canada.
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