Crypto exchange Binance says it will no longer serve Ontario users

Crypto exchange Binance says it will no longer serve Ontario users

Crypto exchange operator Binance is exiting the Canadian province of Ontario amid a regulatory crackdown there.

Binance announced Friday that all Ontario-based users must close out all active positions by December 31, 2021.

The Ontario Securities Commission has begun taking legal action against unregistered crypto exchanges in recent weeks, including against Bybit, Poloniex, and Kucoin. The regulator has alleged that these exchanges failed to comply with the province's securities laws.

Binance's move suggests that the crypto exchange operator does not wish to register itself with the Ontario Securities Commission and comply with the province's securities laws. In a similar move late last year, crypto derivatives exchange BitMEX also blocked all Ontario-based users to avoid the region's securities laws.

As for Binance, the crypto exchange operator received another warning from Japan's Financial Services Agency this week. The regulator said Binance is still operating in the country without registration. A Binance spokesperson told The Block that the company "does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users."

The spokesperson declined to comment. whether that means Japanese users can visit the Binance website on their own and trade.

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