Crypto Exchange Binance Stops Services for Ontario

Crypto Exchange Binance Stops Services for Ontario
  • Crypto Exchange Binance Stops services for users in Ontario.
  • The crypto exchange Binance did not return a request.
  • Ontario took steps against two companies associated with Kucoin. 

On Saturday, Binance, the top most crypto exchange has announced a short statement that it will stop providing services to users located in Ontario.

Furthermore, Binance is one of the topmost online exchanges, in Binance users can trade cryptocurrencies. Binance supports many most commonly traded cryptocurrencies.  It offers trading in more than 500 cryptocurrencies and virtual tokens. Binance has its blockchain-based token, Binance Coin (BNB).

Moreover, on their website, they stated, “As part of our continuing compliance efforts, Binance has updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26. Regrettably, Binance can no longer continue to service Ontario-based users. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021, “.

Henceforth, the crypto exchange Binance did not return a request for comment by publication time.

Recently, Ontario appears as one of the most aggressive cryptocurrency regulators. The regulator established new prospectus and registration requirements for cryptocurrency exchanges.

Even more, in the previous week, The Ontario Securities Commission announced it would be holding hearings based on cryptocurrency exchange Bybit flouting Canadian law. Ontario took steps against two companies associated with Kucoin. More so, Ontario’s Security Commission noted, 

“Kucoin is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives”.

However, the Ontario regulator, not only the regulator then taken a closer look at Binance’s activities within their jurisdiction. Hence more, on Friday the Financial Service Agency (FSA) of Japan warned Binance for operating in the country without authorization. The warning follows after the Bank of Japan criticizing Bitcoin.

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