Binance will cease operations in Ontario after tough regulatory action there

The Ontario crisis continues as Binance intends to stop business Dec. 31, 2021. The crypto-exchange crisis is continuing. Binance stated yesterday in a brief statement that it will stop offering services to users situated in Ontario, after a warning by the Japanese regulators on Friday.

"Binance has revised its Terms of Use as part of our ongoing compliance efforts to ensure Ontario is becoming a limited jurisdiction, effective 2021-06-26 AM 3:59:59. (UTC). Unfortunately, Binance can no longer serve users based in Ontario. Users of Ontario should take urgent action by December 31, 2021 to shut down all current positions," says a statement on their website.

By publishing time, Binance had not answer an application for comment.

Ontario has emerged in recent weeks as one of the more active regulators of cryptocurrencies. New prospectus and registration criteria were established by the regulation authority for cryptocurities exchanges on 19 April. The Ontario Securities Commission stated this week that it will hold hearings on cryptocurrency exchange bybit on Canadian law "floating." The regulator also took action earlier in the month against two Kucoin-related companies:

"KuCoin operates an unregistered crypto asset trading platform that promotes the use of Ontarians and allows residents of Ontario to trad securities and derivatives crypto asset products," the OSC said.

But regulators in Ontario are not the only ones that have looked more closely at the operations of Binance under their competence. The FSA, Japan, warned on Friday that Binance may run without a license in the nation. The warning is received from the Governor of the Bank of Japan, who earlier this year slammed Bitcoin as a "speculative asset."

Japanese and Canadian bank users anxious about discontinuing their service might be easier knowing that some U.S. users have been trading on the main Binance website for several months even after user demands to transfer to the US. Furthermore, Changpeng Zhao, CEO of Binance, has stated that America finds "smart" ways to bypass geofence.


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