"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 Ontario Securities Commission says the Seychelle Islands-based trading platform did not register as an exchange.
An Ontario regulator is concerned the public still lacks knowledge about crypto and its regulation – even if they own assets.
Ontario's securities market watchdog has issued a warning to businesses using blockchain tech: you may run afoul of our laws.