Canada's crypto regulations are too strict, Binance announces withdrawal from the Canadian market.

As many mainstream exchanges have successively exited the Canadian market in March this year, leading exchange Binance also announced today that it will follow suit.

Strict Standards of Canadian Securities Administrators

According to previous reports, the exodus of several companies was caused by the cryptocurrency regulatory notice issued by the Canadian Securities Administrators in February, which includes:

• Exchanges must segregate custody of user assets

• Prohibition of offering margin, loans, or any form of leveraged trading to any Canadian users

• Prohibition of allowing users to trade, deposit, or withdraw value-referenced cryptocurrencies, stablecoins, and proprietary tokens without CSA approval

The overly strict requirements led to exchanges such as OKX, Deribit, and Blockchain.com temporarily exiting Canada, with even decentralized exchange dYdX making the same decision in April this year.

Binance Announces Exit from Canada

Today, Binance stated on Twitter: "Unfortunately, Binance will voluntarily withdraw from the Canadian market along with other well-known crypto companies."

At the same time, it mentioned Canada as the homeland of Binance's founder CZ, expressing high expectations for Canada's blockchain industry despite its smaller market size.

However, like other exchanges facing similar issues, although Binance has indicated its intention to find other reasonable ways to protect Canadian users, there are currently no viable solutions, so it has to temporarily withdraw.

"While we do not agree with the new guidance, we hope to continue communicating with Canadian regulatory authorities to achieve a thoughtful and comprehensive regulatory framework." The Binance team stated.