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Title: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: Lee_Mire on June 27, 2021, 12:42:42 AM Quote On the tails of a warning from Japanese regulators on Friday, Binance has announced in a short statement yesterday that it will cease providing services to users located in Ontario. Quote 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). Regrettably, Binance can no longer continue to service Ontario-based users. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021,” a statement on their website reads. Full article here: https://cointelegraph.com/news/binance-to-cease-operations-in-ontario-following-regulatory-crackdown Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: Lee_Mire on June 27, 2021, 02:14:45 AM It now also looks like Binance is getting push back in the UK.
FCA Full Article: https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: Obito on June 27, 2021, 02:57:44 AM That's still a lot of time though, I am pretty sure that all the users in Ontario is going to have a lot of time doing the evacuation. I have a question though, is it specific only to Ontario region of Canada as stated in the article or is the whole Canada affected too?
Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: cabron on June 27, 2021, 03:11:29 AM That's still a lot of time though, I am pretty sure that all the users in Ontario is going to have a lot of time doing the evacuation. I have a question though, is it specific only to Ontario region of Canada as stated in the article or is the whole Canada affected too? Even if you are somewhere else in Canada you will still be alarmed by the isolation of the SEC so you'd rather avoid Binance. It won't take long, they'd also be halt users on Quebec when they find out the volume rises are well. It's not like the traders won't buy the tokens they prohibit. Startled of this Japan's FSA meddling with all these when it's not in their jurisdiction. Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: Alphabit on June 27, 2021, 06:42:34 AM That's still a lot of time though, I am pretty sure that all the users in Ontario is going to have a lot of time doing the evacuation. I have a question though, is it specific only to Ontario region of Canada as stated in the article or is the whole Canada affected too? The Ontario Securities Commission. Specifically Ontario for now. I must emphasize for now this may spread to other parts of Canada. Its the norm for Governments wanting to regulate and control everything! Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: stompix on June 27, 2021, 06:49:29 AM Startled of this Japan's FSA meddling with all these when it's not in their jurisdiction. Japan was only the first to enforce this, is not that they asked Canada /Ontario to do the same Quote Ontario regulators arn’t the only ones who have taken a closer look at Binance’s activities within their jurisdiction, however. On Friday, the Financial Services Agency (FSA) of Japan warned that Binance may be operating in the country without a license. The warning comes on the back of the governor of the Bank of Japan slamming Bitcoin as a “speculative asset” earlier in the year. Independent decisions, just like the UK is doing. No surprise here, remember how Binance fled Hong Kong, then Jpan, then Malta, and now they claim they are worldwide exchange so they don't need a license anywhere? I wonder how long their game will last, regulators are slow at taking action but then they do there is little CZ will be able to do, wait till the US makes their move, they don't care about all that crap, just like Hayes has learned. I have a question though, is it specific only to Ontario region of Canada as stated in the article or is the whole Canada affected too? Canada doesn't have a national watchdog for securities, each province is independent. Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: Bitcoin_Arena on June 28, 2021, 09:44:00 AM It looks like Ontario Securities Commission (OSC) is meaning business via cracking down the crypto exchanges. Just about a week ago, Bybit was targeted too - https://www.osc.ca/sites/default/files/2021-06/soa_20210621_bybit.pdf
Just before Bybit, Kucoin was the culprit (https://www.coindesk.com/ontario-regulator-kucoin-trading-platforms-violating-securities-law) at the beginning of the month This all comes from a statement they released (https://www.osc.ca/en/news-events/news/osc-working-ensure-crypto-asset-trading-platforms-comply-securities-law) on 29 March this year seeking for trading platforms operating there to comply with Ontario securities law by April 19 More details in coindesk articles: - https://www.coindesk.com/bybit-becomes-latest-crypto-platform-to-be-targeted-by-canadian-securities-regulator - https://www.coindesk.com/ontario-regulator-kucoin-trading-platforms-violating-securities-law Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: dkbit98 on June 28, 2021, 12:43:00 PM Binance is now banned in Canada, United States and United Kingdom and I think that other countries will soon follow their examples
so I wouldn't hold any coins on Binance, and I would be ready to switch to some alternative exchange for trading. I hope p2p trading and decentralized exchanges like Bisq will grow and be more popular, I would like to see some better decentralized alternatives to Bisq and Binance exchange because competition makes them better. Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: The Sceptical Chymist on June 28, 2021, 01:13:25 PM That's still a lot of time though, I am pretty sure that all the users in Ontario is going to have a lot of time doing the evacuation. Yeah, I'd say any Binance users in Ontario have plenty of time:Quote Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021,” a statement on their website reads. I do wonder why this only applies to Ontario, though I guess I shouldn't be surprised, as Binance is restricted from operating in certain states in the US. Every country/state/city has their own government bodies all stacked on top of one another, and to me it's maddening. This sucks anyway. It's never good to hear news like this, even if it doesn't affect me directly. The fewer geographic regions that Binance (or any other crypto exchange) can operate in, the worse off it is for crypto as a whole. Regulation of bitcoin and other cryptocurrencies was inevitable and something I've been anticipating for a long time now--but flat-out banning an exchange from operating in a particular region is worse than regulation. It's a statement by the government that crypto itself should be banned, and it's an ominous sign in my eyes. Title: Re: Attention Canadian friends. Binance has been banned in Ontario, Canada Post by: Bitcoin_Arena on June 28, 2021, 07:04:05 PM Binance is now banned in Canada, United States and United Kingdom and I think that other countries will soon follow their examples It's not a direct ban per se especially for Ontario's case. What OSC wanted the exchanges to do was for them to write to them (OSC), get registered and comply with the regulations provided but for some reasons, the exchanges are reluctant to do that. Only countries with organized and strong financial regulatory bodies will follow suit I guess. Imagine some messed up country in Africa or South America like Venezuela whose leaders are corrupt. They can't do anything to stop such exchanges :D I hope p2p trading and decentralized exchanges like Bisq will grow and be more popular, I would like to see some better decentralized alternatives to Bisq and Binance exchange because competition makes them better. Unfortunately the real decentralized exchanges like bisq are unpopular because they are not user friendly. Localcyptos is far much better than localbitcoins that has strict KYC but traders still flock to the latter. |