Binance Blocks Ontario users Following New Compliance Update

[MarkRoberts]

Binance, the world’s biggest cryptocurrency exchange by trading volume, has announced that customers from the Canadian province of Ontario would be restricted starting today. According to the statement, following an update to the trading platform’s Terms of Use, the Ontario area has now been put in the restricted jurisdiction category.

When it comes to cryptocurrencies and the exchanges that provide services linked to them, the topic of regulation is becoming more contentious. Many authorities across the globe continually criticize the nature of cryptocurrencies, which allows for virtually anonymous transactions. As a result, entities wishing to offer services bordering on these assets are often obliged to meet a greater degree of compliance. In some regions of the globe, failing to satisfy these criteria restricts the provision of particular crypto-related services.

Binance did not give specifics on what happened with Ontario authorities, nor did it confirm intentions to comply with any restrictions that may be imposed. According to the exchange’s announcement, users in the new limited area must cancel all of their holdings as soon as possible, with a deadline of December 31, 2021.

Source:

[url]https://mycryptoparadise.com/binance-blocks-ontario-users-following-new-compliance-update/[/url]