This email was sent to Canadian Binance Users.

Dear Binancian,

We regret to inform you that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. Albeit a small market, it held sentimental value for us as the home country of our founder. We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.

We ask the existing Canadian customers to close any open positions by September 30, 2023.  From October 1st, 2023, Canadian customers will be put into liquidation only mode. This means that you will no longer be able to use any product on the platform, except to reduce, redeem or close open positions and withdraw funds and cryptocurrencies from the exchange.  Your funds will remain safe in your account until you withdraw them. You will be able to withdraw your cryptocurrencies to your self-custody wallet or your cryptocurrency account on another exchange.

While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework. We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.

Regretfully Binance will be leaving Canada as it did from Quebec and Ontario 18 months ago. I cannot help but wonder what kind of govt politics are involved to prevent people from adopting a crypto lifestyle.

Of course, it’s important to note that there are other exchanges are still open to Canada and I make it a priority to invest on tokens like Monero, Dero, and Pirate ARRR which are privacy coins.