A person with knowledge of the matter, who asked to remain anonymous, said Binance will probably pull out of Canada. However, a spokesman for Binance – whose CEO, Changpeng Zhao, is a Canadian citizen – said the exchange “has not made definitive plans yet.”

Canada set a March 24 deadline for firms to commit to a tightening of rules around crypto in the country, which suffered a high-profile exchange blowup several years ago when QuadrigaCX went under. Earlier this month, OKEx announced its departure from Canada.