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Crypto exchange operator Binance is leaving the Canadian province of Ontario amid regulatory crackdown.
Binance announced on Friday that all Ontario-based users must close all active positions by December 31, 2021.
The Ontario Securities Commission has taken legal action against unregistered crypto exchanges in recent weeks, including Bybit, Poloniex and Kucoin. The regulator alleged that these exchanges did not comply with the province’s securities laws.
Binance’s decision suggests that the crypto exchange operator is unwilling to register with the Ontario Securities Commission and comply with the province’s securities laws. In a similar move late last year, the BitMEX crypto derivative exchange also blocked all Ontario-based users to avoid the region’s securities laws.
As for Binance, the crypto exchange operator received yet another warning from the Financial Services Agency of Japan. The regulator said Binance is still operating in the country without registration. A Binance spokesperson told The Block that the company “does not currently conduct any exchange operations in Japan and does not actively solicit Japanese users.”
The spokesperson declined to comment on whether this means Japanese users can visit Binance’s website on their own and trade.
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