The cryptocurrency exchange Binance has committed to the Ontario Securities Commission (OSC) to cease operations in the Canadian province.<\/p>\n
According to the the document<\/a>, the company will close existing accounts, terminate registration for new users, and wind down certain services and products.<\/p>\n Binance will inform the OSC of the measures taken, with the involvement of an independent third party.<\/p>\n In a statement, the exchange acknowledged that it had made a number of mistakes in its conduct in the region.<\/p>\n In June the company warned Ontario users about the cessation of service<\/a>. It set a deadline of December 31 to close open positions.<\/p>\n However, on December 29 Binance said that it would cooperate with regulators and continue operating.<\/p>\n “We now acknowledge that this was incorrect,” the company said.<\/p>\n<\/blockquote>\n At that time the OSC replied with a reminder<\/a> of the exchange’s lack of registration and approvals. In a separately published press release, Binance confirmed the imposition of restrictions, and notified Ontario investors accordingly.<\/p>\n Nevertheless, customer support posted inaccurate information, and users with open accounts were able to continue trading after 1 January 2022. The company stressed that this was “incorrect.”<\/p>\n “Binance informed staff that it intends to follow a regulatory path to ensure compliance with Ontario securities law,” the commitments say.<\/p>\n<\/blockquote>\n During 2021, regulators in several countries, including the Netherlands<\/a>, Italy<\/a>, the United Kingdom<\/a>, Poland<\/a>, Japan<\/a>, Thailand<\/a>, Hong Kong<\/a>, Singapore<\/a> and South Africa<\/a>, issued warnings about Binance’s activities or took action<\/a> against the exchange.<\/p>\n Against this backdrop, Binance introduced mandatory verification<\/a> of users and announced a departure<\/a> from a decentralised business model.<\/p>\n Founder and CEO Changpeng Zhao published an open letter<\/a> outlining plans for enhanced compliance. The exchange articulated<\/a> “10 fundamental rights of crypto users,” intended to form the basis for discussion and development of global industry regulation.<\/p>\n In March 2022 Binance received crypto licences<\/a> in Bahrain and Dubai<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The cryptocurrency exchange Binance has committed to the Ontario Securities Commission (OSC) to cease operations in the Canadian province.<\/p>\n","protected":false},"author":1,"featured_media":58947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,771],"class_list":["post-58946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-canada"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=58946"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58946\/revisions"}],"predecessor-version":[{"id":58948,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58946\/revisions\/58948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/58947"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=58946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=58946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=58946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
\n