March 4, 2024

Binance will not operate in Ontario. Now for sure

The largest cryptocurrency exchange Binance is curtailing its operations in the Canadian province of Ontario. Marketplacenotified the Ontario Securities Commission (OSC) of this.

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Binance has promised that there will be no moreregister accounts for new clients in that Canadian province, in addition, existing account holders will lose access to trading on the exchange. Binance has promised to provide fee waivers and compensation to some users.

The exchange acknowledged that Ontario customers were able toto continue trading on its platform after a Canadian provincial regulator warned in late December that the Binance exchange was not registered with the OSC and could not provide services to its residents. The exchange's obligation is legally binding, the OSC explained. This means that the Commission reserves the right to take action against Binance for any past, present or future securities law violations in Ontario.

In June 2021, Binance announced that it would be phasing out its services in Ontario. The exchange has notified users of the closure of active positions until December 31, 2021.

However, on December 29, 2021, local users received notifications that the exchange was supposedly allowed to continue operating in the Canadian province.

Binance has now admitted that it made a mistake.

In January of this year, amid the tightening of the OSC policy towards cryptocurrency exchanges, the Bitfinex trading platform also announced that it would stop servicing customers in the province from March 1.

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