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Binance, the largest cryptocurrency exchange in the world, says it is pulling out of the Canadian market.

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The exchange announced the move on Twitter Friday afternoon.

Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace, the tweet read.

Binance pointed to new guidance related to stablecoins and investor limits provided to crypto exchanges as making the market untenable.

Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to thewebsiteof the Ontario Securities Commission.

Binance was already restricted in Ontario as of 2022.

The crypto exchange said it put off the decision to leave the market for as long as it could to protect its Canadian users but found no path forward.

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The exchange said Canadian customers will receive an email with information on how their accounts will be affected.

Binance suggested that it would one day return to the Canadian market when users have the freedom to access a broader suite of digital assets.

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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, the tweet read.

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Binance founder and CEO Changpeng Zhao, who more commonly goes by CZ, is Canadian.

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with files from Reuters

© 2023 Global News, a division of Corus Entertainment Inc.

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Binance, the worlds biggest cryptocurrency exchange, is leaving Canada - Global News