Binance Leaving Canada, Market ‘No Longer Tenable’ for Exchange

Binance chose to exit the country because of new stablecoin guidance and crypto exchange investor limits

article-image

Iryna Budanova/Shutterstock modified by Blockworks

share

Binance announced on Friday that it would be withdrawing from the Canadian market.

In its statement on Twitter, Binance referenced Canada’s new stablecoin guidance and investor limits for crypto exchanges as two reasons why it’s departing the country.

“Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,” the statement said. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”

Other crypto companies that have left Canada include OKX, Paxos, dYdX, all of them citing the regulatory environment. 

Bittrex pulled out of Canada in July of last year, citing regulation as the main reason.

Binance’s exit comes as the Canadian Securities Administrators forced crypto asset trading platforms to register with them by March 23. Failure to meet “pre registration requirements” by the deadline meant crypto trading firms had to cease operations. 

Additionally, exchanges were told by the Canadian agency to commit to segregation in crypto custody, maintain a chief compliance officer, while also halting the sale and holding of stablecoins.

Binance said that it “put off the decision” as long as it could but came to the conclusion that there was no avenue forward. 

The tweet said that Binance is confident that it will “someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”

Remaining Binance customers in Canada will receive “an email with comprehensive information on how this will impact their accounts going forward.”

When reached for comment, Binance referred back to its original tweet.

Updated May 12, 2023 at 5:24 pm ET: Added response from Binance.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

However, they noted there’s now an increased risk that unemployment and inflation will rise in the coming months. 

article-image

The network’s most ambitious upgrade since the Merge brings validator streamlining, smart account UX and doubled blobspace to Ethereum

article-image

Debate over extra Bitcoin use cases has returned, two years on from Ordinals

article-image

Altcoin season may be on a permanent pause as the market matures and paths grow more selective

article-image

Today’s blockchains are more like nervous systems without a brain — wiring without will

article-image

A number of blockchains make use of the Solana Virtual Machine