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Binance tells regulators it will cease operations in Ontario… for real this time

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Binance stated in a Wednesday promise to the Ontario Securities Commission, or OSC, that it will stop doing business with citizens of the province. Binance will also suspend creating new accounts in Ontario. And will issue cost exemptions and refunds to some Ontario customers through a third-party administrator, according to the business.

The exchange said in June that it will no longer handle accounts in the province, and clients encouraged to cancel current holdings by the end of the year. The OSC issued a revised prospectus and registration procedures for cryptocurrency exchanges a month before Binance made its debut.

Binance informed investors in December that, despite not having a licence, the exchange permitted them to continue operating in the province. That assertion was swiftly debunked by the OSC. Binance recognised that their assertion was false in its commitment presented on Wednesday. The exchange also confessed that it misled Ontario investors in a Jan. 1 email that trading and onboarding restricted, but that they were still able to trade normally. Users in the province have 90 days to close their seats as part of the project.

Ontario regulator is notable for its anti-crypto exchange position

“The Ontario Securities Commission reserves the right to pursue enforcement action against Binance for any past, present, or future violations of Ontario securities legislation not originating from the circumstances mentioned in the undertaking,” according to the OCS.

The Ontario regulator is notable for its anti-crypto exchange position. Bitfinex, OKEx, Bybit, KuCoin, and Polo Digital Assets among the exchanges that previously functioned in the province until it was out of business. Bitbuy, Coinberry, CoinSmart, Fidelity Digital Assets. As well as Wealthsimple are the exchanges that have acquired approval to operate in Ontario since late January. In August, the OSC prohibited the use of Tether (USDT).

Binance will operate in other Canadian jurisdictions as well. The exchange’s primary regulator in Canada is the Alberta Securities Commission.

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