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🎓 Binance ends dispute with Ontario financial regulator

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Cryptocurrency exchange Binance, the world’s largest cryptocurrency exchange by trading volume, has ended its dispute with the Ontario Securities Commission (OSC) after the company formally announced its agreement to halt operations in the province. Canadian. Binance confirmed its future commitment to the regulator’s actions in Ontario.

The Securities and Exchange Commission launched a regulatory crackdown on the cryptocurrency exchange for “violating securities laws,” igniting Vettel’s conflict with Binance, which announced its intention to withdraw from the boycott in June last year.

However, in late December, the platform sent an email to Ontario users informing them that their accounts should not be deleted, contradicting a June notice that users would have to withdraw their money because the company had left the province. .

Furthermore, the exchange stated that investors in Ontario were able to continue trading on its platform despite the enforcement of the imposed restrictions.

Click on the platform

In a statement, Binance pledged not to open new accounts for users in Ontario, to stop operating existing accounts in the province, and to pay or waive fees for some users in the province.

Binance has come under fire from regulators around the world even though its operations have seen significant growth during the COVID-19 pandemic, as both retail and institutional investors have embraced the cryptocurrency.

As a step to comply with regulatory standards, the stock exchange has committed to retain information and maintain rules and controls to combat money laundering.Graphic

For its part, the OSC issued a statement yesterday, saying that the committee retains “the authority to pursue Binance for any past, current or future violations of the Ontario Securities Act that are unrelated to the circumstances outlined in the commitment.” .

Is Binance Registered?

The OSC said that no institution was registered with the county brokerage group and that “the matter remains the same.”

The announcement states that Binance has informed CSO employees that no new transactions involving Ontarians will take place after December 31, 2021. However, Binance canceled the promise without notifying the OSC and the announcement stated: “This is intolerable.”

Meanwhile, it was reported that the company is still operating in other Canadian jurisdictions, including Alberta, where the platform was incorporated earlier this year.

According to an OSC representative, the Alberta Securities Commission is the main regulator for Binance in Canada.

The OSC has indicated that it will continue to coordinate registration and application processing efforts in collaboration with other members of the Canadian securities officials.

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