Binance Pulls out from Canada’s Ontario

Fazzaco learned that Binance, the cryptocurrency exchange giant, has decided to stop offering its services to clients from Ontario, Canada, due to mounting regulatory obligations for crypto businesses in this province.

​Binance stated that it could no longer continue to service Ontario-based users. The exchange further urged existing traders from the province to close their Binance accounts by December 31, 2021. 

The Ontario Securities Commission (OSC) issued notice to crypto platforms like Bybit and KuCoin and began taking legal actions against them alleging that they are operating as unregistered platform. Therefore, Binance made decision to pull out from the Canadian province.

​Fazzaco recently reported that the UK Financial Conduct Authority (FCA) issued a warning against Binance for undertaking regulated activities in the UK without authorization last Saturday. Additionally, Japan's Financial Services Agency​ (FSA) issued a warning against Binance for offering cryptocurrency exchange service in the country without registration last Friday.