Binance exits Canada

Binance announced they would be exiting Canada, "proactively withdrawing" ahead of stablecoin regulation and crypto investment limits. As is becoming a trend in the industry, crypto exchanges and other platforms appear to be finding investor protection to be fundamentally incompatible with their business model.

This is only the latest in a string of events involving regulatory pressure on Binance. In April, Binance canceled the acquisition of the bankrupt Voyager platform by its Binance.US arm, citing a "hostile and uncertain regulatory climate in the US". This move came shortly after a March lawsuit from the US CFTC against Binance and its CEO. Elsewhere, Binance closed its derivatives arm in Australia in April, citing issues with the Australian securities regulator.