Binance Asks Users From Entire Canadian Province To Close Accounts Amid Crypto Exchange Crackdown

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Binance Asks Users From Entire Canadian Province To Close Accounts Amid Crypto Exchange Crackdown

Binance is ending its services in Ontario, Canada as crypto exchanges in the province face heightened regulatory scrutiny.

In a statement, the global crypto exchange says that Ontario has become a restricted region effective Saturday, June 26th. It also asks users in the province to close their accounts by the end of the year.

“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).

Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021.”

The firm’s decision comes as the Ontario Securities Commission (OSC) decides to impose stricter regulatory measures on crypto exchanges to protect investors who place their money on Bitcoin (BTC) and other cryptocurrencies.

In March, the regulator announced that unregistered crypto platforms should contact the OSC by April 19th to discuss how they can comply with Ontario securities law or face regulatory consequences.

Two months later, in May, the OSC took legal action against Poloniex after it ignored the April 19th deadline. The crypto exchange is now facing charges for allegedly trading securities without registration, not complying with requirements on prospectus disclosure, and engaging in activity “contrary to the public interest”.

Featured Image: Shutterstock/Volodimir Zozulinskyi

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