Binance Pulls Out of Ontario Following Actions Against Other Crypto Exchanges

Binance is no longer open for business in Canada’s most populous province, apparently choosing to close shop rather than meet the fate of other cryptocurrency exchanges that have had actions filed against them for allegedly failing to comply with Ontario securities laws.

• On Friday, Binance updated its terms of use as follows:

• While Binance didn't provide a reason for its withdrawal, it follows publication of a Statement of Allegations last week against Bybit by the Ontario Securities Commission (OSC), which accused that crypto exchange of failing to comply with province regulations.
• In the preceding 30 days, OSC had issued statements of allegations against two other crypto exchanges, Poloniex and KuCoin, claiming that they too failed to comply with Ontario regulations.
• On March 29, the OSC warned crypto-asset trading platforms that to operate in the province they had to contact OSC staff or face potential regulatory action. Platforms were given until April 19 to discuss how to bring their operations into compliance. 
• It wasn't immediately known whether Binance had reached out to the OSC. Emails to Binance spokespeople weren't immediately returned.
• Regardless of the reason, the world where Binance is welcome to do business has grown a little smaller as of late. On Saturday, a U.K. financial watchdog issued a warning that Binance isn't authorized to operate there while on Friday, Japan's securities regulator issued a similar statement.