Binance Bids Farewell to Ontario, Canada

Binance Bids Farewell to Ontario
  • Binance stops its services in Ontario Canada
  • UK cracks down crypto exchange operations in the country

The world’s biggest crypto exchange, Binance can no longer continue its service in Ontario, Canada. This movement of Binance was made after Ontario accused Bybit for failing to follow the rules of the province. According to the government of Ontario, Bybit failed to bring its operations into compliance with Ontario securities law before its deadline on April 19, 2021.

The Chair and CEO at the OSC, Grant Vingoe explained further:

“Unregistered crypto-asset trading platforms expose Ontario investors to significant risks, including potential loss, theft and misuse of their assets. The recent explosion of unregistered platforms has magnified these risks.”

Vingoe added that they value the protection of their investors in the province. “Regulatory oversight serves a critical role in investor protection, and we expect platforms to act swiftly to bring themselves into compliance with Ontario securities law,” he said.

Meanwhile, as the tension between Ontario and crypto exchanges increases, the UK authorities also crack-down crypto exchange operations in their country. Specifically, the Financial Conduct Authority (FCA) warned Binance that their activities are not permitted in the UK. In other words, the Binance exchange holds no authorization, registration or license from the UK government.

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