Binance urges Ontario Canadian users to close positions by December 31, 2021 due to regulatory crackdowns

Exchange Binance leaves the Canadian province of Ontario amid regulatory crackdown.

Binance has notification on Friday that all users in Ontario must close all active positions by December 31, 2021.

“As part of our ongoing compliance efforts, Binance has updated its Terms of Use so that Ontario, Canada has become a restricted jurisdiction from 6/26/2021 at 3:59 AM (UTC) (ie 10:59 AM Synthetic Teamese time). Unfortunately, Binance is no longer able to continue serving users in Ontario. Ontario based users should immediately close all active positions by December 31, 2021. “

The Ontario Securities Commission has begun legal action against unregistered cryptocurrency exchanges, including Bybit, Poloniex, and Kucoin, in the past few weeks. The regulator has accused these exchanges of failing to comply with the provincial securities laws.

Binance’s move shows that the exchange is unwilling to register with the Ontario Securities Commission and comply with the provincial securities laws. In a similar move late last year, derivatives exchange BitMEX also banned all Ontario users to circumvent the region’s securities laws.

As for Binance, the exchange received another warning from Japan’s financial services agency this week. The regulator said Binance was still operating in the country without registration. A Binance spokesperson said the company “currently has no trading activities in Japan and does not actively involve Japanese users.”

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