Binance exits Canadian market following stricter crypto rules

Binance has announced its withdrawal from the Canadian marketplace due to stricter crypto rules in the country.

Canadians will lose access to Binance due to new stablecoin and investor limits that were introduced by the Canadian Securities Administrators (CSA) in February this year.

The new guidelines require crypto trading platforms operating in the country to register within 30 days or to leave. Binance reportedly filed paperwork to begin its registration process in March, but the decision to leave was announced as it said operating in the country is "no longer tenable."

Binance has been facing intense scrutiny in North America, with the US Department of Justice and the Internal Revenue Service investigating reports of the exchange being used for money laundering schemes and allegedly allowing users to bypass sanctions against Russian financial institutions.

In March, the Commodity Futures Trading Commission charged Binance for allegedly offering unregistered crypto derivatives. Under the new rules in Canada, the crypto firms that decide to register and stay will have to seek the CSA's approval before allowing users to buy or deposit stablecoins.

In a statement, Binance said that it hopes to continue engaging with Canadian authorities to form a "thoughtful, comprehensive regulatory framework" and is confident that it will return to Canada someday.