Binance is Planning to Halt Services for the Ontario Users and Move to other Territories

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.

Leave a Reply

Your email address will not be published.

Related

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, GlobalTrades.io – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is globaltrades.io scam or legit” and much more! https://globaltrades.io/ GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]

Profit-taking on BTC Surge, As Price Breaks The $27,000 Threshold

It has just been confirmed that BTC has experienced the most extensive profit-taking activity since the last quarter of 2020. This information was obtained from data released by Santiment, an on-chain data analytics company. The released data also states that the profit-to-loss volume of the day-to-day ratio on on-chain transactions was one of the major […]

Governments Who ban Drugs Should Ban Crypto Too, Said Belgium’s Ex-Finance Minister

The former finance minister of Belgium, Johan Van Overtveldt, reportedly suggested that any country that bans drugs should also ban crypto assets. According to reports, he made the statement during the recently concluded European Parliament meeting. During the meeting, the parliament was reportedly deliberating on the effect the recent collapse of three crypto-friendly banks, Silvergate […]