Binance’s struggle with Ontario’s financial authorities has come to an end, with the company formally deciding to suspend operations in the Canadian province. The conflict between Binance, the world’s largest cryptocurrency exchange (by trading volume), and the Ontario Securities Commission began in June 2021, when the exchange announced its intention to leave the province in the wake of a regulatory crackdown on crypto exchanges for allegedly breaking securities laws. Despite the apparent adoption of limits, the exchange has admitted that Ontario investors were allowed to continue trading on its platform.
Binance’s promise to the OSC is significant because it reflects the exchange’s future “legally enforceable” commitment to the regulator. Binance agreed not to open new accounts in Ontario, to cease trading in existing accounts in the province, and to waive or pay fees for select users in the province.
While the business’s operations surged dramatically during the COVID-19 pandemic as retail and institutional investors alike adopted bitcoin, regulators around the world have slammed the corporation. Reuters previously reported that the crypto behemoth suppressed information and had insufficient anti-money laundering safeguards.
In late December, the crypto exchange sent an email to Ontario users stating that they were not required to delete their accounts by December 31, 2021, reversing a previous notification from June stating that customers would be required to withdraw their funds due to the company’s departure from the province.
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