Yes. A VPS can be cancelled at any time through the management panel. After cancelling, your VPS will shut down within the next ten minutes. 

BinaryLane is billed by the hour, so once cancelled we will generate a final invoice within 30 days of cancellation for the number of hours that the server existed (or since you were last billed for that server).

VPS can be cancelled in mPanel here -

Cancelled VPS are automatically deleted from the server list. Short-term servers are usually deleted within an hour of cancellation, while long-term servers may take days to weeks, depending on how long the server subscription was active.