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Under regulatory pressure, Binance to end Ontario ops

Under regulatory pressure, Binance to end Ontario ops

In its latest brush with regulators, cryptocurrency exchange Binance has promised to stop opening new accounts in the Canadian province of Ontario.

Last year, Binance said it would stop offering services in the province after the Ontario Securities Commission (OSC) told crypto firms that must initiate a registration process or face enforcement action.

However, Binance later "falsely notified" investors that it was allowed to continue operating in Ontario, says the OSC.

The exchange has now undertaken to stop taking on new customers and to halt trading in existing Ontario accounts "apart from certain permitted actions to protect investors". The firm will also provide fee waivers and offer fee reimbursements.

The Ontario setback is one of a myriad of regulatory problems that Binance has faced around the world over the last two years.

Just in the last few weeks, the Financial Conduct Authority has twice raised the alarm about moves made by the company to get access to the UK market, where the watchdog has previously severely limited its activity.

Comments: (1)

Kris Vlas
Kris Vlas - http://TradeSanta.com - Boston 21 March, 2022, 17:31Be the first to give this comment the thumbs up 0 likes

seems like it's for real this time