Attention Canadian friends. Binance has been banned in Ontario, Canada

[Lee_Mire]

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.

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

[Lee_Mire]

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

[Obito]

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?

[cabron]

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.

[Alphabit]

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!

[stompix]

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

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.

[Bitcoin_Arena]

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 at the beginning of the month

This all comes from a statement they released 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

[dkbit98]

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.

[The Sceptical Chymist]

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:

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.

[Bitcoin_Arena]

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  

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.