Binance joins other crypto firms in ‘proactively withdrawing’ from Canada

Binance mentioned on Friday it would be part of different outstanding crypto companies in “proactively withdrawing” from the Canadian market.

“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,” the crypto alternate mentioned in a tweet.

Canada has tightened rules for crypto asset buying and selling platforms in latest months, with the introduction of a pre-registration course of. The corporations that don’t adhere to the foundations will face potential enforcement motion, based on the web site of the Ontario Securities Commission.

Binance mentioned it doesn’t agree with the newest steering and hopes to have interaction with the Canadian regulators to create a complete framework for crypto operations within the nation.

(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)