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Binance Exchange quits operation in Ontario, Canada

TL;DR Breakdown

  • Binance quits operation in Canada
  • Binance yet to settle in North America

The world’s largest crypto exchange, Binance exchange, has stopped serving users in Ontario, Canada. The firm quit the state on Friday, June 26, 2021.

The firm, however, did not give reasons why it quit Ontario as it announced on Thursday that Ontario-based users must close all active positions by December 31, 2021.

“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), Binance wrote in its announcement.

“Regrettably, Binance can no longer continue to service Ontario-based users. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021. We apologize for any inconvenience caused, Binance exchange wrote further.

Binance exchange bow to OSC pressure?

Most recently, regulators in Ontario (Ontario Securities Commission aka OSC) began cracking down on exchange firms in the region. According to the regulators, the firms are unregistered crypto exchanges abating Ontarians in investing in illegal assets.

Bybit, Poloniex, and Kucoin are some top exchange firms the OTC have already cracked down on as the regulators promised to enforce more crackdown. The regulator has alleged that these exchanges failed to comply with the province’s securities laws. You can compare alternatives to these exchanges here.

It looks like Binance exchange are avoiding the embarrassment that comes with a crackdown, or maybe the exchange does not wish to register itself with the Ontario Securities Commission and comply with the province’s securities laws.

Binance in North America operating in troubled water

Although Binance is the largest crypto exchange firm globally, the exchange has not found a soft landing amongst North American regulators.

For it to settle in the US, Binance had to back a new entity dubbed Binance US, an outfit designed to play by the American market rules.

The firm also appointed Brian Brooks, a former Comptroller of the Currency, to lead the American subsidiary, a move many believe will aid the parent company’s relationship with regulators.

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