Crypto exchange Binance says it will no longer serve Ontario users

Jun 26, 2021 | The Block News | 0 comments

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

Binance announced Friday that all Ontario-based users must close out all active positions by December 31, 2021.

The Ontario Securities Commission has begun taking legal action against unregistered crypto exchanges in recent weeks, including against Bybit, Poloniex, and Kucoin. The regulator has alleged that these exchanges failed to comply with the province’s securities laws.

Binance’s move suggests that the crypto exchange operator does not wish to register itself with the Ontario Securities Commission and comply with the province’s securities laws. In a similar move late last year, crypto derivatives exchange BitMEX also blocked all Ontario-based users to avoid the region’s securities laws.

As for Binance, the crypto exchange operator received another warning from Japan’s Financial Services Agency this week. The regulator said Binance is still operating in the country without registration. A Binance spokesperson told The Block that the company “does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users.”

The spokesperson declined to comment whether that means Japanese users can visit the Binance website on their own and trade.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

The number of cryptocurrency ATMs has surpassed 24,000 globally. Out of 75 countries with crypto ATMs, the U.S. tops the list with the most locations. 24K+ Cryptocurrency ATMs Worldwide The number of cryptocurrency ATMs has exceeded 24,000 globally, according to the...

Here are the 12 biggest crypto hires thus far in 2021

Here are the 12 biggest crypto hires thus far in 2021

Quick Take There has been a big increase in the flow of talent from Wall Street to the crypto world. We take a look at the 12 biggest moves that have happened so far this year. This feature story is available to subscribers of The Block Daily. You can continue reading...

Crypto Companies Establish Presence, Hire Talent in Ireland

Crypto Companies Establish Presence, Hire Talent in Ireland

With a friendly attitude towards financial innovation, the Republic of Ireland has become a desired destination for fintech businesses that need unimpeded access to the common European market. Cryptocurrency companies have been opening offices in the EU member state...

Pin It on Pinterest

Share This