binance exiting Ontario.

[Nhazwrath]

https://thedeepdive.ca/binance-to-no-longer-service-ontarians-following-osc-crackdown-on-crypto-exchanges/

Sounds bad right?  Canada requires crypto exchanges to be fintrac compliant.  The article isn't very detailed but it does actually mention that the company binance did not feel like complying with fintrac.

[noorman0]

The crypto ecosystem is independent of even the largest exchanges. For those who make cryptocurrencies speculative, this news may make them a little worried. But actually there are thousands of alternatives if people want to function crypto for the original purpose.
Binance is the largest exchange, it's just a matter of regulatory requirements. If binance sticks to its dedication to being number one, they will get it done.

[hugeblack]

The problem here is with binance as they are trying to be the leader of crypto market, and at the same time it does not meet the minimum standards of transparency.
I am sure if a legal audit takes place on this platform, it will find a lot of manipulation, especially in the altcoin market.

In general, regulatory rigidity is possible and will increase with time. Decentralized platforms are the only solution to this problem.

[sunsilk]

There's also the news about UK's action towards them.

Binance, the world’s largest cryptocurrency exchange, gets banned by UK regulator

They have to meet the anti-laundering requirements set by UK but they withdrew their application so that's the action made by the British government.

[NeuroticFish]

It's not the first time Binance prefers to avoid instead of complying. Is it good or bad, rather debatable topic. Their privacy rules are still appealing, I'll give them that.
Only a huge market like United States seemed to be worthy until now for the hassle of complying.

Of course, media may write with big letters that Bitcoin is banished, but keep in mind that's only one company we talk here and that company makes its business decisions as they think.

[sunsilk]

It's not the first time Binance prefers to avoid instead of complying. Is it good or bad, rather debatable topic. Their privacy rules are still appealing, I'll give them that.
Only a huge market like United States seemed to be worthy until now for the hassle of complying.

Of course, media may write with big letters that Bitcoin is banished, but keep in mind that's only one company we talk here and that company makes its business decisions as they think.

True.

The media are romanticizing the situation that has been with Binance over the UK and Ontario failure or chose not to comply with the said requirements.

Instead of highlighting that it's the fault of Binance, as usual with the clickbait titles, they're making it attractive to read the entire article but it's there with the details that one must read before concluding that it's not all about bitcoin but Binance.

[Kyraishi]

https://thedeepdive.ca/binance-to-no-longer-service-ontarians-following-osc-crackdown-on-crypto-exchanges/

Sounds bad right?  Canada requires crypto exchanges to be fintrac compliant.  The article isn't very detailed but it does actually mention that the company binance did not feel like complying with fintrac.

Jesus. More bad news for Binance.

I think that it was always a matter of time as most people expected regulations to tighten as Binance grew in size.

I do believe that the current 2 BTC anonymous account model is still not sustainable. I would be very surprised, given the current mass crackdown on worldwide crypto exchanges, if Binance would even allow anonymous accounts to operate past the end of the year.

It's exactly what happened to Poloniex, and it's exactly what happened to Bittrex before they got rid of legacy accounts. Binance doesn't exist in a vacuum and will inexorably march towards its ultimate demise as an oasis in the crypto exchange sphere.

[eaLiTy]

I am sure if a legal audit takes place on this platform, it will find a lot of manipulation, especially in the altcoin market.

In general, regulatory rigidity is possible and will increase with time. Decentralized platforms are the only solution to this problem.

Binance will move out of every country that ask them to comply with their rules and submit their transaction details, now they are exiting Ontario and the UK and now reports are coming that Thai Securities and Exchange Commission has filed criminal complaint against Binance and they will be exiting Thailand as well and more to come in the upcoming years, United States banned them in 2019 and Decentralized platform will be the solution for the future.

[o48o]

I do believe that the current 2 BTC anonymous account model is still not sustainable. I would be very surprised, given the current mass crackdown on worldwide crypto exchanges, if Binance would even allow anonymous accounts to operate past the end of the year.

It isn't sustainable after btc price increases. But i think that problem with officials is that they just don't have enough resources to track everyone, so they are not interested in small fishes. Being anonymoys in crypto is a meme anyway and it stops to the first fiat ramp you are using. Best we can hope for is confidentiality of transactions and many blockchains that should have it are public and open for anyone to track.