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The Binance cryptocurrency exchange will no longer provide services in the Canadian province of Ontario. The move comes as regulatory pressure continues on digital asset trading platforms that has already affected the operations of several exchanges.
Crypto Exchange Binance Leaves Ontario In Canada
Binance, which is one of the world’s leading cryptocurrency exchanges by daily volume, has updated its clients on a change regarding crypto traders in Ontario. The Canadian province is now a restricted jurisdiction, the company announced this week.
In a press release, Binance explains that the move is part of its ongoing compliance efforts. “Binance has updated its terms of service to provide that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26 at 3:59:59 AM (UTC),” the exchange said. , adding:
Unfortunately, Binance can no longer continue to serve users based in Ontario… We apologize for any inconvenience caused.
The platform advised cryptocurrency traders in Canada’s most populous region to “take immediate action to close all active positions by December 31, 2021.”
Exchanges are under pressure from the securities regulator
In recent weeks and months, the Ontario Securities Commission has taken on digital asset trading platforms in the province. The regulator wants them to comply with the region’s securities laws that require registration, which Binance has likely decided to avoid.
In March, the OSC urged crypto exchanges to contact its staff until April 19 to discuss compliance or face legal action. The commission considers crypto platforms that provide access to residents of Ontario as local operators, when it comes to securities regulation. Many have already found themselves in the crosshairs.
This week, the OSC accused Bybit, registered with IVBs, of offering Ontarians to trade securities and derivatives in the form of crypto asset products. Earlier this month, the regulator alleged that two trading platforms operated by Kucoin did not comply with securities law. And in May, the commission said that Seychelles-based Poloniex failed to contact it in time.
Like Binance, the crypto derivatives exchange Bitmex decided to leave Ontario last August, as reported by Bitcoin.com News. The platform, which was not a registered operator in the province, announced that it was restricting access to users in Ontario from September 2020. Bitmex explained the move with restrictions imposed by the OSC.
What do you think of the regulatory crackdown on crypto exchanges in Ontario? Let us know in the comments 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 crackdown, restrictions , Securities, securities law, traders, trading platforms, users
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