In mid-May, Binance said it was joining other high-profile cryptocurrency firms and “proactively” withdrawing from the Canadian market. This is due to the regulatory situation in the country. The company representatives noted that the volume of trading from 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.
Yesterday, May 30th, a document was made public that shows that the OSC is trying to use its powers to enforce documents and data from Binance and third parties. The OSC has issued an order that “allows for a broad investigation into whether Binance may have taken steps to circumvent Ontario securities law and whether its conduct was inconsistent with Ontario securities law.”
Note that Binance Canada was headquartered in Calgary, and the cryptocurrency platform has never registered with the Ontario Securities Commission.
Cryptocurrency exchange Bybit also announced its withdrawal from the Canadian market. The reason, as in the case of Binance, was the new regulatory standards in the country.
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