The largest cryptocurrency exchange Binance closes its work in the Canadian province of Ontario. The trading floor has notified the Ontario Securities Commission (OSC) of this.
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Binance has promised that it will no longer register accounts for new customers in this Canadian province, and that existing account holders will no longer be able to trade on the exchange. Binance has promised to provide fee waivers and compensation to some users.
The exchange acknowledged that Ontario clients were able to continue trading on its platform after a Canadian provincial regulator warned in late December that Binance is not registered with the OSC and cannot provide services to its residents. The exchange’s obligation is legally binding, the OSC explained. This means that the Commission reserves the right to take action against Binance for any past, present or future securities law violations in Ontario.
In June 2021 year, Binance announced that it would be phasing out its services in Ontario. The exchange notified users about the closure of active positions before 31 December 2021 year.
However, on December of the year, local users received notifications that the exchange was supposedly allowed to continue operating in Canadian province.
Binance has now admitted that it made a mistake.
In January of this year, amid the tightening of the OSC policy on cryptocurrencies exchanges, trading platform Bitfinex also announced that it will cease customer service in the province as of March 1.
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