Binance cited two factors for leaving Canada in its statement on Twitter: the country’s new stablecoin guidance and investor restrictions for cryptocurrency exchanges.

Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.

We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.…

— Binance (@binance) May 12, 2023

“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 cryptocurrency businesses that have left Canada include OKX, Paxos, and dYdX, all of which gave the regulatory environment as their reason. In July of last year, Bittrex left Canada, citing regulation as its primary justification.

As a result of being compelled to register with them by March 23 due to pressure from the Canadian Securities Administrators, Binance has left the market. By the deadline, crypto trading firms that had not complied with the “pre-registration requirements” had to stop operating. 

The Canadian agency also instructed exchanges to cease selling and holding stablecoins and to commit to segregating cryptocurrency custody while keeping a chief compliance officer in place.

Binance stated that it “put off the decision” for as long as it could before concluding that there was no way 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.”

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