Crackdown on Ontario crypto exchanges continues as Binance leaves the province – Exchanges Bitcoin News

The Binance cryptocurrency exchange will no longer offer services in the Canadian province of Ontario. The decision comes amid ongoing regulatory pressure on digital asset trading platforms that has already impacted the operation of several exchanges.

Crypto Exchange Binance is leaving Ontario, Canada

Binance, one of the world’s leading cryptocurrency exchanges by daily volume, has notified customers of a change affecting crypto traders in Ontario. The Canadian province is now a restricted jurisdiction, the company said this week.

In a press release, Binance stated that the move is part of its ongoing compliance efforts. “Binance has updated its Terms of Use to ensure that Ontario, Canada has become a restricted jurisdiction effective June 26, 2021 at 3:59:59 AM (UTC),” the exchange said, adding:

Unfortunately, Binance can no longer help Ontario users … We apologize for the inconvenience this may cause.

The platform advised cryptocurrency traders in Canada’s most populous region to “take immediate action to close all active positions by December 31, 2021”.

Stock exchanges are under pressure from the securities regulator

For the past few weeks and months, the Ontario Securities Commission has been tracking the province’s digital asset trading platforms. The regulator wants them to comply with the region’s securities laws that require registration, which Binance has likely avoided.

In March, the OSC asked the crypto exchanges to contact their employees by April 19 to discuss compliance or to take legal action. The Commission considers crypto platforms that provide access to Ontario residents to be local operators in terms of securities regulation. Many have already found themselves in the crosshairs.

This week the OSC accused BVI-registered Bybit of offering Ontarians trading in securities and derivatives in the form of crypto-asset products. Earlier this month, the regulator claimed that two trading platforms operated by Kucoin did not comply with the Securities Act. And in May, the commission announced that Seychelles-based Poloniex had failed to contact her in a timely manner.

Like Binance, the crypto derivatives exchange Bitmex decided to leave Ontario last August, Bitcoin.com News reported. The platform, which was not a registered operator in the province, announced that it would limit access for Ontario users starting September 2020. Bitmex explained the move with the restrictions imposed by the OSC.

What do you think of the regulatory crackdown on crypto exchanges in Ontario? Let us know in the comment section below.

Tags in this story

ACCESS, Binance, BitMex, Canada, Crackdown, Crypto, Crypto Assets, Crypto Exchange, Crypto Exchanges, Crypto Traders, Cryptocurrency, Derivatives, Exchange, Exchanges, Ontario, Province, Region, Regulations, Regulatory Action, Restrictions, Securities , Securities Law, Traders, Trading Platforms, Users

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