- Binance stops its services for Ontario-based users.
- All users in the region must close all activity on the platform by the end of this year.
- The Ontario Securities Commission is set to root out all exchanges failing to meet regulations.
The popular crypto exchange platform — Binance, pulls out of the Canadian province — Ontario. This decision was made to get ahead of the ongoing regulatory crackdown in the region.
In a notice on its platform, Binance announced its decision on the matter. In detail, the notice says to meet compliance requirements, Binance had to update its ‘Terms of Use’ conditions. This update was to mark Ontario becoming a restricted jurisdiction.
Therefore, Binance recognized that it could no longer continue its services in the region and advised its Ontario-based users to proceed as recommended. The exchange tells them to begin taking measures to close all their active accounts and trades by December 31, 2021.
The Ontario Securities Commission recently began going after
This article was first published on coinquora.com