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.
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.