Binance tells regulators it will cease operations in Ontario this time…

Binance confirmed in a March 16 commitment to the Ontario Securities Commission, or OSC, in Canada that the crypto exchange will cease operations with Ontario residents. Binance will also stop opening new Ontario accounts and providing fee waivers and fee waivers to certain users in Ontario under the control of a third party, the company said.

The deal appears to mark the end of a disagreement that began in June, when Binance announced it would no longer serve Ontario accounts and advised customers to close active positions by the end of the year. The month prior to Binance’s announcement, the OSC introduced a new prospectus and registration requirements for cryptocurrency exchanges.

In December, Binance told investors it was allowed to continue operations in the province, despite not having a registration. The OSC soon refuted that claim. In the pledge filed on Wednesday, Binance acknowledged that its statement was not true. The exchange also admitted that it had told Ontario investors in a Jan. 1 email that trading and onboarding were restricted, but it continued to allow them to trade as usual. Under the undertaking, Ontario users were given 90 days to close their positions.

the OCD declared that it “reserves the right to take enforcement action against Binance for any past, present or future violations of Ontario securities laws not arising out of the events described in the undertaking.”

The Ontario regulator is notable for its tough stance on crypto exchanges. It has recently taken action against several exchanges that once operated in the province, including Bitfinex, OKEx, Bybit, KuCoin and Polo Digital Assets. As of the end of January, the exchanges that have been Allowed operating in Ontario include Bitbuy, Coinberry, CoinSmart, Fidelity Digital Assets, and Wealthsimple. The OSC too forbidden Tether (USDT) in August.

Binance wants Get on to operate in other Canadian provinces. The Alberta Securities Commission is the main stock exchange regulator in the country.

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