Binance CEO Changpeng Zhao has explained that the regulatory requirements in Canada made it unfeasible for the exchange to continue operating in the country. Binance announced its withdrawal from the Canadian market on May 12, citing new regulatory guidance on stablecoins and investor limits.
CZ stated that negotiations with authorities had turned up no middle ground, and regulators wanted Binance to put CAD $100 million in escrow with a non-Binance provider, which was unacceptable for the company. Binance concluded that the Canadian market did not offer a viable business due to the regulatory requirements, but CZ hopes that Canada will turn back in a couple of years.
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