Binance confirmed yesterday that it would stop offering services to users in Ontario.
“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,” reads the statement.
For a couple of weeks now, Ontario has adopted a hostile approach when it comes to regulating crypto. In mid-April, the regulator created new prospectus and registration requirements for crypto exchanges, and just a week ago, The Ontario Securities Commission (OSC) confirmed it would start holding hearings in regards to crypto exchange Bybit “flouting” the laws of Canada.
Furthermore, earlier this month, it also took steps against two companies that are associated with Kucoin: “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,” declared the OSC.
Source: CoinTelegraph.com