Regrettably, it is announced today that Binance, in line with several other significant crypto businesses, will be proactively withdrawing from the Canadian market.
Binance extends its gratitude towards the regulators who collaborated to address the needs of Canadian users. Despite being a small market, Canada held sentimental value for Binance as the founder’s home country. Binance had high expectations for the Canadian blockchain industry’s future. However, due to the recent guidance related to stablecoins and investor limits provided to crypto exchanges, Binance finds the Canadian market untenable at this time. Binance delayed this decision to explore alternative means to safeguard its Canadian users. However, it has become clear that no such alternatives exist.
The announcement came from Binance’s official Twitter account.
They also added that remaining Canadian users will receive an email containing comprehensive information about how this situation will affect their accounts moving forward.
It will be updated as developments come.