Binance Will Be Ceasing Ontario Operations At This Time In Reality

On Thursday the regulators of the biggest crypto exchange of the world in terms of trading volumes Binance has confirmed that they have an undertaking with Ontario Securities Commission (OSC), according to which they would not open new user accounts in this Canadian province.

The clash has started last year in June between OSC and Binance when the announcement was made by the exchange about its decision of quitting the Ontario operations after the crackdown on its crypto exchanges by the regulators of the province for reportedly failing to comply with the securities laws. Though the exchange admit its operations without registration in the province of Ontario after it said that it would cease.

The crypto exchange confirmed in an undertaking to OSC that it will cease its activities that involve the residents of Ontario province. And it will also stop new user accounts opening of Ontario residents, give them fee waivers and reimburse certain account users in Ontario under third-party supervision.

The undertaking concludes the dispute which has been started in June when Binance made an announcement it will be no longer provide its services to Ontario accounts and its users were advised to close their active accounts by the end of this year. A month before the Binance’s notice, Ontario Securities Commission has announced the new requirements for the registration of crypto exchanges.

Binance informed its customers in December that it has the permission of continuing its operations in Ontario province without having any registration. The OSC immediately disapprove of the Binance claim. Binance accepted in its undertaking that the announcement it made was not true. It also acknowledged that it informed its investors in Ontario through email on Jan 1 account opening and trading were prohibited, but it allowed its users to continue trading as in routine. The users of Ontario in the undertaking were given 90 days to terminate their accounts.

The regulators of Ontario are noticeable for their hard approach to cryptocurrency exchanges. As lately actions were taken against many crypto exchanges that were operating in the province. In other provinces of Canada Binance will keep operating.

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