Binance Restricting Services for Users in Ontario, Canada Due to its ‘Compliance Efforts’

Leading cryptocurrency exchange Binance is now adding Ontario, Canada to its list of restricted countries that include the US due to regulatory reasons. Starting June 26th, Binance won’t be providing its services to users that are based in Ontario.

“As part of our continuing compliance efforts, Binance has updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26 at 3:59:59 AM (UTC). Regrettably, Binance can no longer continue to service Ontario-based users,” reads the official announcement.

Ontario-based users are now advised to close out all of their active positions by December 31, 2021.

According to the exchange’s terms, Binance requires the users to ensure that they are neither a U.S. user nor an Ontario (Canada)-based user and that they are not acting on behalf of the U.S. or Ontario-based user either when registering to use a Binance account.

Meanwhile, Bitcoin miners in China during the ongoing crackdown on trading and mining are leaving the country to move overseas and choosing Texas, Florida, and Canada. Colder regions like Canada, Scandinavia, and Russia offer temperate or even polar temperatures, which help in keeping the chips cool. While this aids in reducing electricity consumption, it also eliminates cooling costs.

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