Binance claims that new stablecoin regulations have made it impossible to continue operating in the country.
New regulations mandated that exchanges seek clearance before allowing clients to buy or deposit stablecoins.
Even if it does not agree with the new guidance, the exchange is continuing to engage regulators.
Binance announced its decision on Friday, citing new guidelines that render the Canadian market “no longer tenable” for its operations.
Binance is a key player in the cryptocurrency business that has sought regulatory licence in the majority of the jurisdictions where it provides its services. It has also been a leading proponent of greater regulatory transparency around the world.
Yet, its decision to leave Canada comes just a few months after the Canadian Securities Administrators (CSA) issued fresh guidance on stablecoins.
In a February email, the country’s crypto trading platforms were required to seek authorisation before allowing consumers to utilise stablecoins on their platforms.
Binance has decided to leave Canada with a view to return when more favourable conditions apply to trading cryptocurrencies.
