NewsletterBreaking: Binance Commits To Ontario Shutdown, Will Block New Accounts
Binance, the world’s largest crypto exchange, said it will stop opening new accounts in Ontario, as part of a commitment to the Ontario Securities Commission (OSC) to cease operations in Canada’s most populous province.
The exchange released an undertaking on Tuesday outlining the steps it will take to wind down its Ontario operations, which include providing withdrawal waivers and fee rebates to existing users in the province.
Binance has a troubled history in Ontario
Today’s undertaking marks nearly a year of clashes between Binance and the OSC. The exchange had decided to cease operations in Ontario in June 2021, after the OSC alleged it had failed to meet certain regulatory requirements.
But in today’s undertaking, Binance admits it had still allowed users in Ontario to trade on its platform. It had even incorrectly informed users that it had the necessary approvals to operate in the province.
The exchange said it had begun blocking Ontario users since early-January, but said that investors were still using its platform.
But today’s undertaking marks a departure from the company’s previous rhetoric with the OSC. Specifically, Binance said the OSC can now pursue legal action against the firm for failure to comply with the ban.
This undertaking represents a legally enforceable commitment by Binance to the OSC. The OSC reserves the right to take enforcement action against Binance for any past, present or future breaches of Ontario securities law not arising from the events described in the undertaking.
The OSC said in a separate statement.
Only 6 crypto exchanges approved so far by the OSC
So far, Ontario’s security regulator has approved only six crypto exchanges to operate in the province, with all of them being local operators. Canada does not have a national securities regulator, with each province managing its own capital markets. The OSC is the country’s largest, and also regulates the benchmark Toronto Stock Exchange.
Binance is still allowed to operate in Canada’s other provinces.
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