The move comes after the exchange was forced to pull out of Ontario, Canada after the Ontario Securities Commission (OSC) accused it of failing to comply with local regulations. It was founded by Chinese-Canadaian developer Changpeng Zhao in China-but was forced out of the country after regulators moved against it in 2017. “The Binance Group appear to be offering UK customers a range of products and services via a website, ,” it added.īinance, in a tweet, said the ban appeared to impact only Binance Markets Limited (BML), which is said was a separate legal entity that did not offer any products or services via the website.īinance, which is based in the Cayman Islands, reportedly handled $3.88 billion in average daily trading volumes in 2020, a 36 per cent jump from the previous year. “Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA,” the regulator said.
The warning follows after the Bank of Japan criticizing Bitcoin. Hence more, on Friday the Financial Service Agency (FSA) of Japan warned Binance for operating in the country without authorization. However, the Ontario regulator, not only the regulator then taken a closer look at Binance’s activities within their jurisdiction. “Kucoin is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives”. More so, Ontario’s Security Commission noted, Ontario took steps against two companies associated with Kucoin.
CANADA CRYPTO EXCHANGE BINANCE JAPAN ONTARIO REGISTRATION
The regulator established new prospectus and registration requirements for cryptocurrency exchanges.Įven more, in the previous week, The Ontario Securities Commission announced it would be holding hearings based on cryptocurrency exchange Bybit flouting Canadian law.
Recently, Ontario appears as one of the most aggressive cryptocurrency regulators. Henceforth, the crypto exchange Binance did not return a request for comment by publication time. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021, “. Regrettably, Binance can no longer continue to service Ontario-based users. Moreover, on their website, they stated, “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. Binance has its blockchain-based token, Binance Coin (BNB). It offers trading in more than 500 cryptocurrencies and virtual tokens. Binance supports many most commonly traded cryptocurrencies. On Saturday, Binance, the top most crypto exchange has announced a short statement that it will stop providing services to users located in Ontario.įurthermore, Binance is one of the topmost online exchanges, in Binance users can trade cryptocurrencies. Ontario took steps against two companies associated with Kucoin.The crypto exchange Binance did not return a request.Crypto Exchange Binance Stops services for users in Ontario.Posted on J(June 29, 2021), 12:15 am by Cianna Joy 2 years ago | 2 mins read Exchange News
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