Binance is a Cryptocurrency exchange, that has notified the Ontario Securities Commission or OSC that it is preparing to discontinue opening new accounts for Ontario residents.
Binance Pledges to Increase Efforts to Comply With Regulation
Cryptocurrency exchange Binance sent a letter to the Ontario Securities Commission. It listed a few commitments to the OSC such as
• discontinuing opening new Ontario accounts,
• discontinuing trading in prevailing Ontario accounts, with exceptions to safeguard investors, along with winding down its businesses in specific commodities,
• and furnishing fee waivers and contribution fee repayment to specific Ontario users.
Furthermore, Binance will also create reports to Ontario Securities Commission, OSC faculty and maintain an autonomous third party to assure the usefulness of its actions to execute its commitments. Binance agreed to revoke its services from Ontario in June 2021. The exchange told Ontario users that they should close all active positions by 31st December 2021. Binance detailed in its letter that on Dec. 31 last year: Binance ascertained to Staff that the trading regulations were in place for Ontario accounts, and would continue so, comprising
(a) zero trading by prevailing Ontario users,
(b) zero new Ontario users,
(c) zero marketing targeted at Ontario users.
Whereas on 29th December, Binance informed Ontario users that it was enabled to proceed with its operations in Ontario. The Canadian regulator said at the time that Binance has issued a report to users, without any announcement to the OSC, revoking this commitment. This is despised. Binance acknowledged that its consumer service team tweeted false information, notifying an Ontario user that they could exchange after 1st January 2022 like before if their account was open, which Binance now admits was wrong. Binance has notified the regulator that it is devoted to following a regulatory way to assure obedience to Ontario securities law.
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