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Binance Cuts The Wire, Exits Ontario Amid Regulatory Hunt

Binance Cuts The Wire, Exits Ontario Amid Regulatory Hunt
  • Binance stops its services for Ontario-based users.
  • All users in the region must close all activity on the platform by the end of this year.
  • The Ontario Securities Commission is set to root out all exchanges failing to meet regulations.

The popular crypto exchange platform — Binance, pulls out of the Canadian province — Ontario. This decision was made to get ahead of the ongoing regulatory crackdown in the region.

In a notice on its platform, Binance announced its decision on the matter. In detail, the notice says to meet compliance requirements, Binance had to update its ‘Terms of Use’ conditions. This update was to mark Ontario becoming a restricted jurisdiction.

Therefore, Binance recognized that it could no longer continue its services in the region and advised its Ontario-based users to proceed as recommended. The exchange tells them to begin taking measures to close all their active accounts and trades by December 31, 2021.

The Ontario Securities Commission recently began going after unregistered crypto exchanges. So far it targeted Kucoin, Bybit, and Poloniex. Specifically, it says that these exchanges have failed to comply with Ontario’s securities law.

Recently, Binance faced issues with a South African bank for allegedly failing to meet its regulations. The bank — Absa, immediately blocked all its users from purchasing crypto on the exchange with their credit cards. On this matter, Binance stood firm and said the issue was not from their side and suggested other possible solutions.

Of note, other parts of the world have also begun to crack down on crypto exchanges. For instance, UK-based TSB Bank banned its customers from buying crypto on Binance and Kraken. Hence, Binance’s move in exiting Ontario is understandable. 

Binance always works to stay ahead of the game. Its CEO, Changpeng Zhao, is an influential entity in the crypto space. He is very vocal on social media and tends to speak honestly about his ideologies on all matters crypto.

When he’s not too busy making fashion statements for crypto officials, he is either collaborating with other crypto influencers or making a mark in crypto history. Most recently, he urged users to not consider panic selling. Instead, he advises all to hold onto their crypto assets.

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