Ontario’s plan on Cryptocurrency exchange ban will start soon. Binance will end their services by the end of 2021 to their Ontario users.
After the announcement by Japanese regulator about the hard regulation on Cryptocurrency exchanges, Binance also announced in short lines that they will no longer provide their services to those people who belong to those regions which goes under Japan’s ruling party.
Especially when they announced about Ontario. They said they will cease their services for those users who are located in Ontario.
And also further they explained the reason and said that users should not expect that they will further inform people regarding this case.
Ontario, which is a part of Canada, has restricted Binance to serve their services.
In the jurisdiction it was ordered to halt the operation of Binance exchange. Which is effective from 2021-06-26.
So Binance also followed the result of the jury and informed their user with a small announcement.
According to Binance exchange, every person who belongs to the Ontario region should close Their position from Binance exchange. And also they indirectly said that users should move all their funds to their desired place.
Since people will no longer be able to use Binance services but still Binanace extended their services for the end of this year.
Probably the last date of 2021 i.e 31 decem will be the last day to access their exchanges by Ontario located users.
Recently Ontario emerged as a strict regulator for Cryptocurrencies and Cryptocurrency related services specially exchanges. Ontario regulators published new guidelines for the Cryptocurrency exchanges. Here Binance is not meeting their law requirements.
It should be noticed that, this is not only Ontario regulators who are taking a close look over Binance.
These are other authorities which are taking action against Binance.
Recently FSA also warned Binance to operate their business without license, check about here.