Business

Binance Stops Taking on New Customers in Canadian Territories: Report


Binance said consumers in Ontario are restricted from using its platform – the regulator

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 Canadian territory, regulators said on Thursday.

The dispute between Binance and OSC began in June last year, when the exchange announced its decision to exit Ontario after regulatory crackdowns on crypto exchanges in the province for allegedly failing to comply with securities laws.

However, in December, Binance informed investors that it was allowed to continue its operations in Ontario while still not registered in the province, the OSC said.

In that effort, Binance also made several other commitments, including stopping trading in existing Ontario accounts, with certain exceptions that the company said were necessary “to protect investors”.

The crypto exchange also offered to provide fee waivers and refunds to certain Ontario users, and said it would hire 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 alike heating up to crypto, the company has received great criticism from regulators around the world.

The crypto giant also withheld information and maintained money laundering checks even as it said it welcomed government surveillance, Reuters reported earlier.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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