Binance Stops Ops in Ontario, Canada, Asks Users to Close Accounts
Binance, a global crypto exchange, is stopping its services and have asked users to close accounts in Ontario, Canada as crypto exchanges in the province face more and more regulatory pressure.
In a recent statement, Binance explains that Ontario has become a restricted region effective Saturday, June 26th. In addition the crypto exchange asks users in the province to close their accounts by the end of the year.
“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).
Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021.”
Ontario Securities Commission (OSC) decided to impose stricter regulatory measures on crypto exchanges to protect investors who place their money on Bitcoin (BTC) and other cryptocurrencies, which led Binance to stop operations.
Earlier in March, the Canadian regulator announced that unregistered crypto platforms should contact the OSC by April 19th to discuss how they can comply with Ontario securities law or face regulatory issues.
Two months later, in May, the OSC took legal action against Poloniex after it ignored the April 19th deadline. The crypto exchange is now facing charges for allegedly trading securities without registration, not complying with requirements on prospectus disclosure, and engaging in activity “contrary to the public interest”.
Or maybe this is part of something bigger. Earlier this month a report emerged revealing that the G20 have a systematic plan to crack down on crypto, not by killing it, but making it part of the existing system by heavily regulating it.
