Binance Informs Canadian Regulator It’s ‘Committed’ to Ceasing Crypto Trading Services in Ontario

Cryptocurrency alternate Binance has knowledgeable the Ontario Securities Commission (OSC) that it’s dedicated to ceasing opening new accounts for Ontario residents and winding down sure companies to adjust to rules.

Binance Promises to Increase Efforts to Comply With Regulation

Cryptocurrency alternate Binance despatched a letter to the Ontario Securities Commission (OSC) Wednesday.

In the letter, Binance listed a couple of commitments to the OSC, together with “ceasing opening new Ontario accounts,” “ceasing buying and selling in current Ontario accounts, with exceptions to guard buyers, together with winding down its companies in sure merchandise,” and “offering price waivers and providing price reimbursement to sure Ontario customers.”

In addition, Binance may even make studies to OSC employees and retain an unbiased third occasion to make sure the effectiveness of its efforts to implement its commitments.

Binance determined to withdraw its companies from Ontario in June 2021. The alternate instructed Ontario customers in the identical month that they might want to shut all lively positions by Dec. 31, 2021.

Binance detailed in its letter that on Dec. 31 final yr:

Binance confirmed to Staff that the buying and selling restrictions had been in place for Ontario accounts, and would stay so, together with (a) no buying and selling by current Ontario customers, (b) no new Ontario customers, and (c) no advertising and marketing focused at Ontario customers.

However, on Dec. 29, Binance notified Ontario customers that it was allowed to proceed its operations in Ontario. The Canadian regulator said on the time: “Binance has issued a discover to customers, with none notification to the OSC, rescinding this dedication. This is unacceptable.” Binance has acknowledged this announcement was not right.

Binance acknowledged in its letter that “Despite the representations made to [OSC] employees and buyers, Ontario buyers had been in a position to proceed to commerce after the restrictions had been supposedly in place.”

In addition, Binance admitted that its customer support group “tweeted inaccurate data, informing an Ontario consumer that they may commerce after January 1, 2022, as regular if their account was already open, which Binance now acknowledges was not right.”

Binance has knowledgeable the regulator that it’s dedicated to pursuing a regulatory path to make sure compliance with Ontario securities regulation.

Do you suppose Binance will get into extra hassle with the Canadian regulator? Let us know within the feedback part beneath.