Binance, the world's largest cryptocurrency exchange, has announced that it will no longer serve Canadian customers due to new regulations related to stablecoins and investor limits. While Binance plans to return to Canada in the future, its departure has created an opportunity for competitors like Coinbase to fill the gap.

Despite the Canadian market for crypto being large, it is not the largest, with revenue expected to reach $1.42 billion in 2023. The Canadian Securities Administrators recently required crypto exchanges to sign new legally binding undertakings after several trading platforms went insolvent.