Crypto exchange Binance says it will no longer serve Ontario users

Crypto exchange operator Binance is exiting the Canadian province of Ontario amid a regulatory crackdown there.

Binance announced Friday that every one Ontario-based users should shut out all lively positions by December 31, 2021.

The Ontario Securities Commission has begun taking authorized motion towards unregistered crypto exchanges in current weeks, together with towards Bybit, Poloniex, and Kucoin. The regulator has alleged that these exchanges didn’t adjust to the province’s securities legal guidelines.

Binance’s transfer means that the crypto exchange operator doesn’t want to register itself with the Ontario Securities Commission and adjust to the province’s securities legal guidelines. In an identical transfer late final yr, crypto derivatives exchange BitMEX additionally blocked all Ontario-based users to keep away from the area’s securities legal guidelines.

As for Binance, the crypto exchange operator obtained one other warning from Japan’s Financial Services Agency this week. The regulator stated Binance continues to be working within the nation with out registration. A Binance spokesperson advised The Block that the corporate “doesn’t presently maintain exchange operations in Japan, nor can we actively solicit Japanese users.”

The spokesperson declined to remark whether or not meaning Japanese users can go to the Binance web site on their very own and commerce.

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About the Author: Daniel