Binance said the new regulation on stablecoins has made it impossible to continue operating in the country.
Binance , the world’s largest cryptocurrency exchange by trading volume, has announced its withdrawal from Canada.
The cryptocurrency platform revealed its move on Friday, noting that the decision was due to new regulations that made the Canadian market “no longer viable” for their operations.
“ We have high hopes for the rest of the Canadian blockchain industry. Unfortunately, the new regulation regarding stablecoins and investor limits offered to crypto exchanges makes the Canadian market unviable for Binance at this time,” the exchange said . in a statement.
Binance is joining other platforms in withdrawing from the market following the latest regulatory move.
“ While we disagree with the new guidance, we hope to continue working with Canadian regulators towards a comprehensive, thoughtful regulatory framework,” Binance wrote .