Binance to Pack Its Loads Away from Ontario after New Regulatory Rules

Binance to Pack Its Loads Away from Ontario after New Regulatory Rules

Ontario has not stopped unleashing regulatory rules for the crypto industry and in the light of this, Binance has decided to terminate its relationship with residents of the province by the end of the year

Ontario has made it quite difficult for the crypto industry for the past few weeks. In April, Ontario regulators introduced another format and more requirements for being part of the crypto exchange business. A week ago, it was Bybit in the news as it was summoned by The Ontario Securities Commission for not obeying rules as enshrined in the Canadian law. Two other companies linked to Kucoin were punished some weeks ago.

According to the commission, KuCoin was selling crypto assets that were yet to be known by the government. Kucoin’s offences also included providing the means with which Ontario residents could trade securities and derivatives in the form of crypto.

Binance hasn’t only had it tough in Ontario as there are so many other jurisdictions that have come hard on the world’s largest crypto exchange. On Friday, Japan issued a statement through its FSA that Binance may no longer have a license to operate in the country. As the year began, the governor of Japan’s central bank vehemently classified BTC as a ‘speculative asset’.

Although Japan and Canada are calling the shots now, the residents should not lose all their hopes as the same things happened in the U.S. at the time when Binance had to create a separate platform for the residents under Binance US. Besides, the CEO of Binance is also not too perturbed over updates from America because he believes the residents know how to get whatever they want despite their government’s announcements.



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