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Binance Pulls Out of Ontario Following Actions Against Other Crypto Exchanges
"Binance can no longer continue to service Ontario-based users," the exchange said Friday.
Binance is no longer open for business in Canada's most populous province, apparently choosing to close shop rather than meet the fate of other cryptocurrency exchanges that have had actions filed against them for allegedly failing to comply with Ontario securities laws.
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- On Friday, Binance updated its terms of use as follows:
- Binance's withdrawal follows publication of a Statement of Allegations last week against Bybit by the Ontario Securities Commission (OSC), which accused that crypto exchange of failing to comply with province regulations.
- In the preceding 30 days, OSC had issued statements of allegations against two other crypto exchanges, Poloniex and KuCoin, claiming they, too, failed to comply with Ontario's regulations.
- On March 29, the OSC warned crypto-asset trading platforms that to operate in the province they must contact OSC staff or face potential regulatory action. Platforms were given until April 19 to discuss how to bring their operations into compliance.
- It wasn't clear whether Binance had reached out to the OSC. A company representative said Binance doesn't comment on specific matters regarding regulators.
- "We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion," he said.
- The company has advised Ontario-based users to close out all active positions and gave them until the end of the year to withdraw their funds, according to the representative.
- Regardless of the exact circumstances, the world where Binance is welcome to do business has grown a little smaller of late. On Saturday, a U.K. financial watchdog issued a warning that Binance isn't authorized to operate there; on Friday, Japan's securities regulator issued a similar statement.
UPDATE (June 27, 20:35 UTC): Adds Binance comment.
See also: Second Canadian Bitcoin ETF Begins Trading on TSX Today
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
