Canada is considered to be a crypto-friendly company in general. The Toronto Stock Exchange has even listed three Bitcoin and other crypto-ETFs. Many crypto mining enterprises are planning to continue operations in the region. On the other hand, blue chips like Shopify have also expressed a visible interest in investing in cryptocurrencies.
However, the government of Canada has yet to introduce any updated crypto-related regulations in the region. Meanwhile, the central bank of Canada might be planning to launch a new CBDC under their jurisdiction. Another bad news for crypto enterprises has come from the Ontario Securities Commission. The regulatory agency has recently started a legal battle against illegal crypto exchange platforms. To avoid any legal hassles, Binance has decided to fold operations and move onto the next destination.
Canadian Regulatory Agency is Waging War on Crypto Exchange Platforms
A massive number of crypto exchange platforms have gone under fire by the Ontario Securities Commission. The regulatory body has sued names like Kucoin, Bybit, and Poloniex. As per the claims of the plaintiff, these crypto enterprises have failed to comply with the securities laws of the region. The platforms that have already been served a notice have no choice to stand their ground and respond in the court of law.
Binance has managed to become the second-largest crypto exchange platform in the world after Coinbase. The current stance of the Canadian government does not gel well with the crypto giant. Therefore, the platform has started to halt operations for its consumers in the region and move to other locations. In the same fashion, another crypto exchange BitMEX has already pulled the plug-in Ontario.
Binance is also Facing the Danger of Prosecution in Japan
Binance is no stranger to federal threats and regulatory agencies. A few months ago, there were rumors that Binance was under investigation by the regulatory body in the United States. However, the CZ, CEO of Binance, denied all such allegations. For now, Japan has plans to deal with the Hong Kong-based crypto firm with an iron fist.
The Financial Services Agency issued another warning to the exchange operator. According to the spokesperson of Binance, the company has no official branches in Japan, and they also do not market to Japanese investors. However, it was remained uncertain if the Japanese crypto investors were able to access the platform and commence digital asset trading on it.