Binance to Wind Down Operations in Canada Due to Pressure from Regulators

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Cryptocurrency exchange Binance has announced the end of operations in Canada due to the tightening of requirements for trading platforms in the country.

The exchange said in a statement:

“We would like to thank those regulators who have worked with us to meet the needs of Canadian users. Despite the small market, it had sentimental value for us as the birthplace of our founder.”

The Canadian Securities Administrators tightened in December last year the requirements for cryptocurrency firms following the collapse of FTX, extending them to entities registered in other jurisdictions as well.

Binance clarified that they were postponing this decision in the hope of finding “reasonable ways to protect” users, but were unable to do so. Canadian customers of the platform will receive emails with details on how to proceed.

Cryptocurrency exchange OKX announced in March it would no longer provide services to Canadian users. They must close positions by June 22, while in April, decentralized exchange dYdX announced the end of work in Canada.