Binance to Discontinue Operations in Ontario Due to Regulatory Measures

Following the warning from Japanese regulators on Friday, Binance announced yesterday in a brief statement that it will stop providing services to users located in Ontario..

“As part of our ongoing compliance efforts, Binance has updated its Terms of Use to state that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26 at 3:59:59. AM (UTC). Unfortunately, Binance can no longer continue to serve Ontario-based users. Ontario-based users are advised to take immediate action to close all active positions by December 31, 2021“says a statement on its website.

Binance did not respond to a request for comment at press time.

In recent weeks, Ontario has become one of the most aggressive crypto regulators. On April 19, the regulator introduced new prospectus and registration requirements for cryptocurrency exchanges. Last week, lThe Ontario Securities Commission announced that it would hold hearings regarding crypto exchange Bybit, which “flouts” Canadian law. In addition, the regulator took action against two companies associated with Kucoin at the beginning of the month:

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

However, Ontario regulators are not the only ones who have taken a close look at Binance activities within their jurisdiction. On Friday, Japan’s Financial Services Agency (FSA) warned that Binance could be operating in the country without a license.. The warning comes after the governor of the Bank of Japan called Bitcoin a “speculative asset” earlier in the year.

Japanese and Canadian Binance users, concerned about the end of service in their countries, could be more reassured knowing that trading for some US users persisted for months on the main Binance site, even after users were asked to migrate to Binance US. Additionally, Binance CEO Changpeng Zhao has admitted that American Americans find “smart” ways to get around bypassing geographic barriers.

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