JAKARTA – The world's largest crypto trading platform, Binance has said goodbye to its users in Ontario, Canada. The reason for the closure of Binance in the country was due to strict government regulatory oversight.
Previously, the British government had also banned Binance from operating in Queen Elizabeth's country. The UK's Financial Conduct Authority (FCA) said Binance was not licensed to operate.
Launching DailyHodl, Binance has been banned from operating in Canada since Saturday, June 26. Binance has officially asked its platform users to close their accounts by the end of 2021.
"As part of our ongoing compliance efforts, Binance has updated its Terms of Use to ensure that Ontario (Canada) has become a restricted jurisdiction, effective 06-26-2020 at 3:59:59 am (UTC)", said a statement from Binance.
“Ontario-based users are advised to take immediate action to close all active positions by December 31, 2021”, Binance added.
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Binance decided to close its platform after Canada's Ontario Securities Commission (OSC) tightened crypto trading regulations to protect investors buying Bitcoin (BTC) and other cryptocurrencies on the platform.
In March, the regulator announced that crypto trading platforms were not registered and required to contact the OSC on April 19. The OSC is asking Binance to comply with the Ontario Securities Act, otherwise, the crypto trading platform will suffer the consequences.
Not long ago, in May 2021, OSC took firm action against another crypto platform called Poloniex for ignoring OSC's call to report on April 19.
Several crypto trading platforms in Canada have faced charges for being claimed to have traded securities without a license. They were also deemed to have disobeyed local government regulations and were accused of engaging in activities "against the public interest", as reported by DailyHodl, Monday, June 28.
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