"Binance can no longer continue to service Ontario-based users," the exchange said Friday.
The action against Bybit follows a similar one the OSC took against KuCoin trading platforms earlier this month.
The Town of Innisfil, Ontario, will accept bitcoin for property tax payments from next month in a one-year trial project.
The province's securities regulator is gathering information after receiving numerous complaints.
The government of Canada has joined a blockchain research effort launched earlier this year by two prominent industry authors.