Binance Canada Ontario
Bloomberg -- Binance was reprimanded by the Ontario Securities Commission for telling users of its cryptocurrency trading platform that it was allowed to continue operations in Canada when it. The crypto exchange announced users will have to withdraw all funds by December 31 2021.
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Binance seemingly opted to pull out of the Ontario market altogether rather than comply with securities law or face regulatory scrutiny.
. Min read 2 min read Binance has ceased operations in Ontario after the Ontario Securities Commission OSC accused three other crypto exchanges of failure to comply with Ontarios Securities Act. Binance Not Available for Ontario Starting December 31 2021 December 27 2021 Update December 29 2021. Binance Continues Operations in Ontario Ontarians No Longer Need To Close Their Account.
Its unfortunate that Binance is facing a ban in Ontario. 1 day agoBinance had told users in June it would be pulling out of Canadas most populous province following actions by the Ontario Securities Commission OSC against other crypto exchanges accusing. Binance is no longer open for business in Canadas most populous province apparently choosing to close shop rather than meet the fate of other cryptocurrency exchanges that have had actions filed.
1 day agoThe exchange had said Ontario users should close their accounts by December 31 of this year. 10 hours agoBinance was reprimanded by the Ontario Securities Commission for telling users of its cryptocurrency trading platform that it was allowed to continue operations in. Despite the inconvenience of losing one of the best and largest platforms in the world.
Rather than comply or have actions filed against them Binance has decided to stop operating in Ontario altogether. Binances departure from Ontario raises Canadian income-tax issues for Ontarians who must close their cryptocurrency-exchange accounts with Binance. As a result of ongoing and positive cooperation with Canadian regulators Binance in Canada has been successful in taking its first steps on the regulatory path by registering in Canada as a Money Services Business with FINTRAC.
As a result of the OSC crackdown other platforms such as Huobi and Bitfinex are also pulling out of Ontario. Digital asset exchange Binance will reportedly stop offering services in Ontario Canada after the local government decided to launch a regulatory crackdown on crypto-related businesses.
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