Despite recent warnings to Binance in two countries and the shutdown of one of its companies in a third, the price of Binance Coin (BNB) continues to rise.
BNB, which is now placed fourth in terms of market value, has gained 2.5 percent in a single day and is currently trading at over $ 286. BNB, on the other hand, has dropped 15% in the last seven days.
“Unfortunately, Binance will no longer be able to serve Ontario-based users,” the company said in a statement on June 25. “As part of our continuous compliance efforts, Binance has changed its terms of service,” which became effective the next day, on June 26.
This is because the eligibility section now specifies that by "registering to use a Binance account, you represent and warrant that [...] you are neither a US user nor a user based in Ontario (Canada); and that you are not operating on behalf of a US user or a user based in Ontario (Canada)."
Crypto scholarships According to the Securities Commission of Ontario, ByBit, KuCoin, and Poloniex did not follow the requirements (Ontario Securities Commission, OSC).
This is hardly Binance's first regulatory setback.
On June 25, the Financial Services Agency of Japan issued a notice stating that Binance Holdings Limited provided crypto exchange services to Japanese consumers without recording.
According to, CEO Changpeng "CZ" Zhao would not rule out creating a Japanese office in December 2020, but a Binance platform in Tokyo would be "unlikely."
According to the company, Binance.com will likewise "gradually stop" its services to Japanese citizens in 2020.
Furthermore, the Financial Conduct Authority (FCA) issued a warning on June 26 that Binance Markets Limited (BML), a subsidiary of Binance Group with "accreditation for specific activities and types of products," is not authorised to operate in the United Kingdom. "No other entity in the Binance group is licenced, registered, or licenced in the UK to perform a regulated activity there," she said, adding that the group "appears to sell a range of products and services to UK customers via a website, Binance.com."
The exchange, on the other hand, did not want to shut down this time. BML, he claims, is a "separate legal organisation that does not supply any products or services via the Binance.com website." He went on to claim that the review has had "no direct affect" on the services provided by this website and that their relationship with users has not changed.
Many in the cryptocurrency world have labelled this news as FUD (Fear, Uncertainty, Doubt), claiming that while BML and certain activities are outlawed, Binance.com is not and can still be used by anyone in the Kingdom. -United.
“BNB and BTC are both in the green compared to the same period 24 hours ago, showing that the UK cryptocurrency market is relatively insignificant overall,” said another Redditor.
Binance is allegedly under investigation in the United States by the Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission. No government agency have officially charged Binance with embezzlement.