The world’s largest crypto exchange, Binance, has revealed to the Ontario Securities Commission (OSC) that it would no longer open new accounts for users in Ontario.
The firm also stated in the undertaking that it will offer fee waivers and reimbursements to particular Ontario users under the administration of a third party.
The latest verdict is certainly the last straw after a series of disputes between Binance and OSC started in June 2021. It was around this time that Binance announced it would withdraw its services from Ontario. Binance also asked users to close active accounts by December 31, 2021.
“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 statement.
However, on December 29, 2021, Binance notified Ontario users that it was allowed to continue its operations in Ontario, which Binance now acknowledges as incorrect.
In the current undertaking, it is revealed that Binance’s customer service team also tweeted inaccurate information that informed an Ontario user that they could trade after January 1, 2022, as normal in case their account was already open. Binance has now admitted that this information was incorrect.
Binance admits that it is committed to follow the regulations and ensure compliance with Ontario Securities law.
