Binance has just announced on their official twitter account that they would be leaving Canadian marketplace due to new stablecoin rules and investors limit provided to cryptocurrency exchanges operating on Canadian land.
Binance makes it clear that they do not agree with these new guidance and still hope to engage with Canadian regulators aimed at thoughtful and comprehensive regulatory framework.
This is a huge stepback for Canada. It is a shame that Canadian regulators like to follow in the steps of their big brother America in not providing adequate clarity for the cryptocurrency space. Our heart goes out for the Canadians in Web 3 revolution. They would have to suffer because of their government.
CZ, CEO of Binance is from Canada and it is an extra bummer that he cannot operate from his own country. Hong Kong seems to embrace crypto more. Plenty of other opportunities for CEX and DeFi. Too much regulation is bad, it will force people to go on much riskier platform.