Binance Ceases Operations In Ontario After Regulatory Crackdown

Binance ceases operations in Ontario after the major regulatory crackdown in the country and has plans to end all operations by December 31, 2021, as we read more in our latest Binance news.

On the tails of warning from the Japanese regulators back on Friday, Binance ceases operations in Ontario as per the short statement a day ago in Ontario. The report showed:

“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 at 3:59:59 AM (UTC). 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.”

In the past few weeks, Ontario emerged as one of the most aggressive crypto regulators as the regulator even introduced a new prospectus and registration requirements for crypto exchanges. Last week, the Ontario Securities Commission announced that it will be holding hearings regarding crypto exchanges ByBit the “flouting” law. Furthermore, the regulator took steps against two companies that were associated with KuCoin earlier this month:

“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.”

Ontario regulators are not the only ones that have taken a closer look at the activities of Binance within their jurisdiction. The Financial Services Agency of Japan even warned that Binance could be operating in the country without having a license. The warning came on the back of the governor of the Bank of Japan slamming BTC as a speculative asset back in the year. Japanese and Canadian Binance users were still worried about service ending in their countries that could rest easier knowing that the trading for some users persisted for months on the main Binance site after the many requests for users to migrate to the US.
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Binance CEO Changpeng Zhao admitted that Americans find “intelligent” ways to avoid the territory.

The Japanese regulator FSA issued a warning to Binance indicating that the exchange was operating in the country without being registered with the regulator.
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The validity of the notice was confirmed by the source close to the matter. Back in 2017, the FSA started a new registration process in Japan which required crypto companies to file with the regulator in order to continue with the operations.