mido-finance.com

“Binance can no longer continue to service Ontario-based users,” the exchange said Friday. Binance is no longer allow to do business in Canada’s most crowded province. As far as we know choosing to close shop rather than to accept destiny of other cryptocurrency exchanges that have had actions filed against them for supposedly failing to agree with Ontario securities laws.

While Binance didn’t give any reason for its withdrawal. It comes after publication of a Statement of Allegations last week against Bybit by the Ontario Securities Commission (OSC). Which accused that crypto exchange of failing to agree with province regulations.

Ontario Securities Commission

In the the past 30 days, OSC announced statements of allegations against two other crypto exchanges. Poloniex and KuCoin, claiming that they too succeed to agree with Ontario regulations.

From the past few months, the Ontario Securities Commission is going after digital asset trading companies in the province. The regulator wants them to agree with the region’s securities laws. That needs registration, which Binance probably chose to avoid it.

On March 29, the OSC notfied crypto-asset trading platforms that to work in the state they had to reach OSC staff or face potential regulatory action. They gave platforms the time they need, until April 19 to talk about how to bring their operations into compliance.

It wasn’t instantly known whether Binance reached out to the OSC. Binance spokespeople didn’t answer the emails instantly returned.

Binance Authorization

Despite of everything , the world where Binance can do and perform business shrunk and got a little smaller as of late. On Saturday, a U.K. financial watchdog announced a warning. That Binance does not have authorization to do there while business , Japan’s securities regulator issued a similar statement.

In addition they added, Regrettably, Binance can no longer continue to service Ontario-based users… We apologize for any inconvenience caused.