Binance, the world’s largest cryptocurrency trading platform, has announced its plan to wind down its Canadian arm after being greenlit to operate in the country for two years. The decision came as a result of a recent amendment to the local legislation that affected stablecoin deposits and purchases on exchanges.
Binance made the announcement on Twitter, stating that it would be joining other major crypto businesses in proactively withdrawing from the Canadian marketplace. The exchange acknowledged that Canada was a small but sentimental market for them and that they would have wanted to continue operating there, but a recent decision by the Canadian Securities Administrators now stands in its way.
