The company said in a statement that the new rules, which Canadian regulators announced in February, would make it "no longer tenable" for Binance to operate in the country.

The new rules require crypto exchanges to segregate customer assets, prohibit them from offering margin trading and credit to Canadian users, and require them to obtain permission before allowing customers to buy or deposit stablecoins.

Binance said it had tried working with Canadian regulators to find a way to comply with the new rules, but the regulators had been unwilling to compromise.

The company said it would continue to serve users in other countries and hoped to return to Canada in the future when the regulatory environment is more favorable.

Binance has been under pressure from regulators around the world in recent months.

The Securities and Exchange Commission is investigating Binance for possible securities law violations in the United States.

The company has also been banned from operating in several countries, including the United Kingdom, Japan, and Germany.

Binance's decision to withdraw from Canada is a sign of the growing regulatory scrutiny the cryptocurrency industry faces.

Key Points

  • Binance is the world's largest crypto exchange.
  • The company has been under pressure from regulators worldwide in recent months.
  • Binance's decision to withdraw from Canada is a sign of the growing regulatory scrutiny the cryptocurrency industry faces.
  • The new regulations that prompted Binance to withdraw from Canada require crypto exchanges to segregate customer assets, prohibit them from offering margin trading and credit to Canadian users, and require permission before allowing customers to buy or deposit stablecoins.
  • Binance said it had tried working with Canadian regulators to find a way to comply with the new rules, but the regulators had been unwilling to compromise.
  • The company said it would continue to serve users in other countries and hoped to return to Canada in the future when the regulatory environment is more favorable.

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