Leading cryptocurrency exchange platform Binance will not longer operate in Ontario. Traders and investors have been notified about the insurmountable regulatory that have resulted in an order to cease operations, and they have until the end of the year to close their positions. Of all Canadian provinces, Ontario has proven to be the most challenging for digital currency investing, and this is unlikely to change in the near future.
The Binance legal team and market analysts have been seeing the writing on the wall with regard to the regulatory climate in Ontario. No one is really surprised, but there were some hopes that finance regulators would realize the deep interest that Toronto investors have in cryptocurrency trading.
What's Next for Binance?
This is just the beginning. Both Binance and the CryptoCurrency Investment Trust (CCATT) have already entered into transactions to fund future projects and are currently gearing up for the next fiscal year. The company is currently looking to hire additional staff, and have also received advice from BizExchange on how to attract new investors and build on their existing community. The growth has been incredible and has created a new environment and infrastructure for companies looking to take advantage of the burgeoning cryptocurrency space.
In addition to these recent milestones, the business is still at an important point. In order to survive in Canada, Binance can no longer operate in Ontario; however, this was not unexpected. The province has strict capital investment regulations and limits as well as local regulations and restrictions; and these two factors are likely to drive this year's economic growth. Binance plans to continue to invest heavily in Ontario to support the Bitcoin community in order to further grow our presence in the province and its booming cryptocurrency community, but this will now have to be done through education.
At the same time, Canada's overall Bitcoin market is a relatively new one and a much more regulated one as such as it is. Many Canadian businesses are concerned and even some government entities, including our federal government, are also concerned with the potential risks posed by Bitcoin transactions, if any, and their potential negative impact on local economies and social services.