The appeal says that the investigation was launched “without any factual basis” and the claims made are too general to understand what exactly the problem is and how it can be corrected. Binance management assures that “the order to investigate has no legitimate purpose” and that the exchange has already left Ontario in particular and Canada in general.
According to the documents, a hearing on the question of closing the investigation is scheduled for exactly June 2.
Earlier it became known that the OSC is trying to use its powers to enforce the provision of documents and data from Binance and third parties. The Commission issued an order that “allows for a broad investigation into whether Binance may have taken steps to circumvent Ontario’s securities law and whether its behavior was contrary to that law.”
Binance announced that it is withdrawing from the Canadian market in mid-May and that this is directly related to the current regulatory environment in the country. The company says that the volume of trading with clients from Canada was not too large, but Binance has always been “sentimental about this country”, since the founder of the exchange, Changpeng Zhao, is a Canadian citizen.
Source: Bits
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