Binance to cease operations in Ontario following regulatory crackdown
Ontario's crypto exchange crackdown continues as Binance plans to end operations Dec. 31, 20201. On the tails of a warning from Japanese regulators on Friday, Binance has announced in a short statement yesterday that it will cease providing services to users located 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....
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Binance has bid Ontario adios. The dispute between cryptocurrency exchange Binance and Ontario’s financial regulator has concluded, with the company formally agreeing to cease operations in the Canadian province. The conflict between Binance, the world’s largest cryptocurrency exchange (by trading volume), and the Ontario Securities Commission began in June 2021, when the exchange announced its […]
Cryptocurrency exchange Binance will no longer provide services in the Canadian province of Ontario. The decision comes amid ongoing regulatory pressure on digital asset trading platforms that has already affected the operations of several exchanges. Crypto Exchange Binance Exits Canada’s Ontario Binance, which is one of the world’s leading cryptocurrency exchanges by daily volume, has updated customers on a change that concerns crypto traders in Ontario. The Canadian province is now a restricted jurisdiction, the company announced this week. In a press release, Binance....
The crypto exchange admitted to operating in the province without registration after saying it would stop. Binance confirmed in an undertaking to the Ontario Securities Commission, or OSC, in Canada dated Wednesday that the crypto exchange will cease activities involving Ontario residents. Binance will also stop opening new Ontario accounts, and provide fee waivers and reimbursements to certain Ontario users under the administration of a third party, the company said. The undertaking appears to mark the end of a disagreement that started in June when Binance announced that it would no....
Regulators in Japan, the United Kingdom and the Canadian province of Ontario have all tightened their grip on cryptocurrency exchanges. Binance has been caught in the crosshairs. The world’s largest cryptocurrency trading platform, Binance, has faced regulatory upheaval over the past week as jurisdictions clamped down on the use of unauthorized exchanges and warned citizens against accessing them. For Binance, adopting the moniker of “global exchange” has done very little to appease regulators that require specific licenses to offer financial services to their citizens. Below is a brief....
Bybit is currently holding listing discussions with the provincial regulator, and if the process fails, the firm will cease operations in Ontario. Bybit announced that it reached a settlement agreement with the Ontario Securities Commission (OSC) on Thursday, a day after the OSC released a Statement of Allegations against the crypto asset trading platform. The agreement includes several measures to be taken by Bybit as it engages in registration talks with the Canadian regulator. This announcement comes after the OSC issued financial penalties against Bybit and KuCoin, claiming violation....