Binance pulls out of Ontario, but its UK service has not been ‘banned’
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Binance has stopped providing services to residents of the Canadian province of Ontario, but says it will still allow Brits to buy and sell cryptocurrency.
The crypto giant pulled out of Ontario after the Ontario Securities Commission earlier this year sued both KuCoin and Poloniex for allegedly letting Ontarians trade securities without a required license.
“Regrettably, Binance can no longer continue to service Ontario-based users. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021,” the company said in an update over the weekend.
But Binance said a consumer warning by the UK’s Financial Conduct Authority against Binance Markets Ltd would have no effect on how British residents access Binance.com, despite media reports of a UK “ban”.
We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML).
BML is a separate legal entity and does not offer any products or services via the https://t.co/QILSkzx7ac website. (1/4)
— Binance (@binance) June 27, 2021
Binance bought a FCA-regulated entity a year ago and announced plans to launch Binance.UK, which would allow British residents to buy and sell crypto via direct bank transfers using the UK Faster Payments Services (FPS) and Single Euro Payments Area (SEPA) networks.
It’s that platform that Binance Markets Ltd will operate — but it still hasn’t launched yet, so the platform can hardly be described as being “banned”.
Similarly, Binance has an Australian subsidiary, Binance Australia, run by Queensland-based InvestbyBit Pty. InvestbyBit is Austrac registered, so Australians can deposit Australian dollars instantly using the PayID/Osko system.