Binance To Cease Operations In Ontario Following The Regulatory Crackdown On Centralized Exchanges
OSC SHUTS DOWN BINANCE
Binance Ontario closes up shop rather than meet Ontario Securities Commission laws.
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. Was it a smart move? Follow….
Crypto is mostly traded OTC, Over the Counter, on chain
Recently Binance was banned in Ontario due to offering derivatives trading on their platform. This includes futures, margin trading, and leveraging.
Similar to the U.S., in the eyes of the OSC, derivatives are considered securities. Which would mean that binance would have to adhere to the securities regulations in Ontario.
some users have already been kicked out from accessing any of the derivatives pages and can only withdraw. Other users claim to still have access to it via VPN but this is a risky move because if you do get caught violating their ToS, your account may be locked…along with your funds!
There are many other exchanges that you can use. Here at The Crypto Lifestyle we are huge fans of decentralization. So you know we stay using DEXs, Decentralized Exchanges all day. Some like the lights of Uniswap of course but others are now popping up with more and more liquidity and support. Sushi swap, Pancakeswap, Quickswap, the list goes on. Neither of the aforementioned require any form of KYC either, only web3 compatibility for your wallet connection.
Don’t ever get caught holding the bag TCLers. It’s important to start to learn the future technology of Decentralized Exchanges. Especially today, with all of the stock news and new investing interest from the average person
Society is starting to see that the system we have today is unsustainable and is just printing more money. Their governmental services that people must depend on so much can easily be cut off any time they want simply to feed the intentions of the big firms and suits.
It’s time people are given an option.
This is what we preach here TCLers.
Until next time.
