So, following the regulation news from our OSC, it seems Binance and many other exchanges will be restricted, or otherwise outright banned in Ontario and banned quickly! As someone who lives here, what the fuck do I do now? ANY recommendations or help would be appreciated! (Are there Other exchanges that meet regulations here? If so what are they and which are the go-to’s?) I am thinking about Coinbase but their fees are higher than Binances were, and their alt coin trading is almost non existent compared to Binance. As a relatively new crypto investor (1 year) I’m a bit lost on what to do or where to go? For recommendations I’m looking for;
- No insane fees on transactions.
- The ability to deposit directly from my banking institution.
- An easy to use and understand UI on said exchange.
- Staking options through the exchange.
- The ability to transfer crypto back into cash in the bank, efficiently.
If anyone has some ideas I’d love to hear them! Thank you!
Edit; Also, for the alt coins I hold on Binance that are not supported by other exchanges, what are my options? The only things I can think of is convert to BTC or some other common coin then sending that to another exchange, or depositing to cold storage and waiting for them to be tradeable on an exchange in Ontario again someday… Any ideas?
Edit 2; There is no guarantee that the Ontario Securities Commission stops banning exchanges, Binance, KuCoin, and others got swept up recently but we could see many more in the coming months, including Coinbase! Ontario is in a very rough spot right now.
The best info I have taken away from this is to just go with cold storage until the dust settles around here.
You could see yourself pay the transaction fees to swap between 10 exchanges before you land on one that doesn’t get gangbanged by Ontario!
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