Cryptocurrency exchange Binance is leaving Canada, citing new guidance related to stablecoins as the reason for its exit.
In a tweet, Binance said it is withdrawing its services from the Canadian marketplace and that its decision to leave is based partly on new limits cryptocurrency exchanges face in the country of 38 million people.
Binance said evolving regulations in Canada have made the market "no longer tenable" for the company, which remains the biggest cryptocurrency exchange in the world in terms of daily trading volumes.
Binance said it would send Canadian users emails discussing how its decision will impact their accounts and cryptocurrency holdings.
The Canadian Securities Administrators (CSA) recently announced stricter requirements for crypto companies around cash and asset storage, as well as the purchase and deposit of stablecoins.
The CSA is a regulator that claims to protect Canadian investors from unfair, improper, or fraudulent practices, and fosters fair and efficient capital markets.
Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar or the price of gold.
“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,” Binance said in a tweet.
