Binance says users in Ontario banned from using its platform
Binance, the world’s largest crypto exchange by trading volume, has confirmed in an undertaking to the Ontario Securities Commission (OSC) that it will stop opening new accounts for users in the Canadian province, the regulator said on Thursday.
The dispute between Binance and OSC began in June last year, when the exchange announced its decision to leave Ontario following a regulatory crackdown on crypto exchanges in the province for allegedly failing to meet securities laws.
However, in December, Binance informed investors that it had been allowed to continue its operations in Ontario despite being unregistered in the province, the OSC said.
In the venture, Binance also made a number of other commitments, including stopping trading in existing Ontario accounts, with some exceptions that the company said were necessary “to protect investors.”
The crypto exchange also offered to offer fee waivers and reimbursements to certain Ontario users, and said it would employ an independent third party to oversee the implementation of its commitments.
While Binance’s business grew rapidly during the COVID-19 pandemic, with retail and institutional investors warming up to the crypto, the company has come under heavy fire from regulators around the world.
The crypto giant also withheld information and kept vulnerable money-laundering checks, even though it said it welcomes government oversight, Reuters previously reported.
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