Binance, the most active cryptocurrency exchange platform, is leaving the Ontario market amidst the ongoing pressure on digital currency trading platforms to comply with Ontario’s Securities law. Several digital asset trading platforms have already exited Ontario. They now include Binance, Bitmex KuCoin, and Poloniex.
Binance is a world-leading cryptocurrency exchange by daily volume. The platform that has been updating clients about crypto trading in Ontario announced this week that it would no longer be operating in Ontario jurisdiction.
In a press release, Binance cited compliance issues with Ontario Securities Commission. Binance restriction became effective on 26th June 2021. The firm will close all active positions by 31ST December 2021.
Ontario Securities Commission (OSC) has been going after digital trading platforms in the past months. OSC wants them to comply with region securities law, something the Binance probably avoided.
In March, OSC gave digital currency platforms until 19th April to reach out for compliance discussion or risk facing legal actions. OSC regards crypto trading platforms providing services to Ontario residents as local operators.
OSC has indicted several crypto trading platforms that include Bybit, Kucoin, and Polonoex. Bybit was accused of offering Ontarians a trading platform for securities and derivatives in the form of crypto. Early in June, Kucoin also was accused of failing to comply with securities law.