Is Binance legal in Canada?

You’ve probably heard by now that Binance announced it will no longer be serving clients in Ontario after December 31st, 2021. This has left many Canadians confused, wondering if Binance will still be legal everywhere else in Canada and for how much longer. What’s next for Binance and Crypto in Canada?

Why did Binance pull out of Ontario?

Binance had told users in June it would be pulling out of Canada’s most populous province, following actions by the Ontario Securities Commission (OSC) against other crypto exchanges accusing them of not complying with regulations. Binance said Ontario users should close their accounts by Dec. 31.

Where is Binance based?

Binance was initially based in China, then moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading . In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

Is Binance a good exchange?

The Binance exchange is not easy to navigate and it can become confusing quite quickly. Binance’s iOS app has a 4.6-star rating with 24,000 reviews and its Android app has a 4.5-star rating with 337,000 reviews. As you can see, Binance is highly rated and has a huge number of users worldwide.