The dispute between Binance and the Ontario Securities Commission started in 2021 when the exchange announced its plans to stop providing services to Ontario after it was accused of violating securities laws.
Binance Won’t Allow New Accounts Registration to Ontario’s Residents
The largest global exchange by trading volume cracked under pressure. It will no longer allow Ontario users to open new accounts on the platform, and it will stop all existing accounts from users in this province. Binance will also waive to pay fees to Ontario users.
According to the Ontario Securities Commission, Binance wasn’t registered in the province. Additionally, the Ontario Securities Commission reserves the right to pursue Binance for any past, present, or future violations of its policies.
The crypto exchange notified its users via email, stating they don’t have to delete their accounts. This is different from its previous announcement, where it noted that all Ontario users would have to withdraw their funds since the company is stopping its services.
Still, according to The Logic, a Canadian news website, Binance continued to operate in other Canadian jurisdictions, including Alberta.
The Alberta Securities Commission remains the primary regulator of Binance Canada. At the same time, the Ontario Securities Commission will continue to coordinate registration efforts and applications in cooperation with other members of Canadian Securities Administrators.