Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Monday, May 15th, and today we are talking about regulatory action in the Great White North. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the breakers discord. You can find a link in the show notes or go to bit.ly.L.Y slash breakdown pod. All right, friends, happy Monday. Well, let's not bury the lead.

Binance has quit Canada, citing unsuitable regulatory conditions the world's largest exchange will

no longer be available for Canadian residents. In a tweet on Friday afternoon, Binance said,

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

We would like to thank those regulators who worked with us collaboratively to address

the needs of Canadian users.

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 stable coins 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.

So I think at this stage, it's worth trying to get a little bit of the history and context

for Binance in Canada.

Obviously, they are identifying some recent limits and new guidance, but there is, of course,

a history here, and it's worth knowing.

Luckily, Canadian crypto lawyer Jacob Robinson did a thread on exactly that.

He writes,

Binance was founded in 2017, at which time Canadian residents had access to the platform for

crypto transactions.

On March 29, 2021, the Ontario Securities Commission notified crypto asset trading platforms

...