After the Canadian province of Ontario decided to launch a regulatory crackdown on cryptocurrency exchanges, cryptocurrency exchange Binance announced that it was leaving the region and that it would no longer serve users living in the region.
Binance announced in the last hours that all Ontario-based users must close all active centers by December 31, 2021.
As we told at the beginning of the article, the Ontario Securities Commission has begun taking legal action against unregistered cryptocurrency exchanges in recent weeks, including Bybit, Poloniex and Kucoin.
The regulator alleged that these platforms failed to comply with the province’s securities laws.
Binance’s move indicates that it does not want to register with the Ontario Securities Commission and comply with the province’s securities laws.
In a similar move late last year, crypto derivatives trading platform BitMEX also banned all Ontario-based users to avoid the region’s securities laws.
As for Binance, it received another warning from Japan’s Financial Services Agency this week:
The Japanese regulator said Binance is still operating in the country without registration.
A Binance spokesperson told that Binance does not currently conduct exchanges in Japan, and that the platform is not intended to attract Japanese users.
The spokesperson declined to comment on whether that means Japanese users can visit the Binance website themselves and trade normally despite the warnings.