After promising twice before, Binance has told the Ontario Securities Commission that it will stop servicing accounts in the region
Binance confirmed in an undertaking to the Ontario Securities Commission, or OSC, in Canada dated March 16 that the crypto exchange will cease activities involving Ontario residents. Binance will also
opening new Ontario accounts and provide fee waivers and fee reimbursements to certain Ontario users under the administration of a third party, the company said.appears to mark the end of a disagreement that started in June, when Binance announced that it wouldand customers were advised to close out 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 that it was allowed to continue operations in the province despite having no registration. The OSC quicklythat claim. In the undertaking submitted Wednesday, Binance acknowledged that its statement was untrue. The exchange also admitted it told Ontario investors in a Jan. 1 email that trading and onboarding were restricted, but it continued to allow them to trade as usual. In the undertaking, Ontario users were given 90 days to close out their positions.
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