The Ontario Securities Commission has stated that the Binance crypto exchange will no longer provide services to local users.
Cryptocurrency exchange Binance has confirmed to the Ontario Securities Commission (OSC) that it will no longer open accounts for new clients in the Canadian province, Reuters reported. The exchange has also pledged to terminate existing accounts from access to trading. Binance promises to provide fee waivers and compensation to some users.
At the end of December, a regulator in the Canadian province warned that the Binance exchange was not registered with the OSC and could not provide services to residents of the province.
Last June, Binance announced that it was ending operations in Ontario and notified users to close active positions by December 31, 2021. However, on December 29, Binance announced that it had been allowed to continue operating in Ontario. The regulator denied the claim, saying the exchange misled customers.
According to a document published by the OSC, the cryptocurrency exchange acknowledged that some of the Canadian investors may have continued to trade on its platform after the restrictions were put in place. According to the regulator, the obligation of the exchange is legally fixed. This means that OSC reserves the right to take action against Binance for any past, present or future securities law violations in Ontario.
Recall that in January of this year, against the backdrop of tightening the OSC policy on crypto exchanges, the Bitfinex trading platform announced that it would stop servicing customers in the province from March 1.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
