Binance is committed to closing its services in “Ontario” and will ban its citizens from creating new accounts
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Answer Binance is committed to closing its services in “Ontario” and will ban its citizens from creating new accounts
Binance, the world’s largest cryptocurrency exchange, has told that it will stop opening new accounts in the Canadian city of “Ontario”, as part of its commitment to the instructions of the Ontario Securities Commission (OSC).
Binance issued a pledge Tuesday outlining the steps it will take to wind down its Ontario operations, which include offering withdrawal waivers and fee discounts to existing users in the province.
Binance and its turbulent history in Ontario:
Today’s Binance pledge is the result of nearly a year of clashes between Binance and the Ontario Securities Commission (OSC).Read:The President of El Salvador announces the purchase of 1 Bitcoin per day!
Binance decided to cease operations in Ontario in June 2021, after the OSC accused it of failing to meet certain regulatory requirements.
But in Commitments Today, Binance admitted that it was allowing users in Ontario to trade on its platform.
It even incorrectly informed users that it had the necessary approvals to operate in the county.
Binance said it had started banning Ontario users since early January 2022, but said investors were still using its platform.
But today’s pledge marks a final departure for the company and it’s its legal struggle with the OSC regulator.
Specifically, Binance told OSC that it can now take legal action against the company for not complying with the ban.
This undertaking represents a legally enforceable commitment by Binance to the OSC.
The OSC reserves the right to take enforcement action against Binance for any past, current or future violations of the Ontario Securities Act that do not arise from the events described in the Undertaking.
The OSC said in a separate statement:
Only 6 cryptocurrency exchanges have so far been approved by the OSC.Read:Learn about transfer fees between wallets for the most important digital currencies
So far, the Ontario regulator has approved six cryptocurrency exchanges in the province, all of which are local operators.
Canada does not have a national securities regulator, as each province manages its own capital markets.
The OSC is the largest in the country, and it also regulates the Toronto Stock Exchange standard.
It is worth noting that Binance is still allowed to operate in other provinces of Canada.
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