![]() In Binance’s undertaking to the OSC, the exchange “now acknowledges that was not correct. On December 29, 2021, however, the exchange notified local users that the exchange was allegedly allowed to continue operating in the Canadian province. The exchange notified users to close active positions by December 31, 2021. Binance withdrew from the Canadian province of Ontario after the Ontario Securities Commission announced a handful of other exchanges had failed to comply with local regulations. In June 2021, Binance announced it would withdraw its services from Ontario. The move comes after a series of spats with the Canadian regulator, a story that began in the summer of 2021. ![]() The OSC reserves the right to take enforcement action against Binance for any past, present or future breaches of Ontario securities law not arising from the events described in the undertaking,” the OSC said in a statement yesterday. “This undertaking represents a legally enforceable commitment by Binance to the OSC. Importantly, Binance’s undertaking to the OSC represents a “legally enforceable” commitment from the exchange to the regulator going forward. The U.K.’s financial regulator has banned Binance from operating in the country, joining Canada and Japan this weekend as the third major market causing trouble for the world’s largest. The exchange has acknowledged that Ontario investors were able to continue to trade on its platform after restrictions were “supposedly put in place.” These commitments-sent to the OSC here -are accompanied by several acknowledgments made by Binance about the reality of the exchange’s activity in Ontario. The exchange took to Twitter to share this development. ![]() Interestingly, Binance withdrew its application for a Financial Conduct Authority (FCA) registration earlier.$0.04067041 -2.36% Terra Classic (Wormhole) Binance, the worlds leading cryptocurrency exchange, has recently declared its decision to withdraw from the Canadian market. Moreover, the Securities and Commission Exchange’s actions against rival Coinbase have made the future of the other exchanges skeptical in the country.īinance’s Chief Strategy Officer, Patrick Hillmann, recently revealed that the exchange is now considering seeking regulatory permission in the United Kingdom. Binance, one of the world’s largest cryptocurrency exchanges, has announced that it is leaving Canada due to regulatory tensions. The US Commodity Futures Trading Commission also filed a legal complaint against the exchange and its CEO for violating an array of local regulations. “We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”įurthermore, Binance is facing regulatory backlash in the United States. “While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework,” Binance added. Still, it had ‘sentimental value’ for the exchange giant as its CEO, Changpeng Zhao, is a Canadian national, despite his Chinese descent. On top of that, Binance highlighted that Canada is a small market. Gemini, Coinbase, and Kraken were among the top crypto exchanges to file for Canadian registration. However, several exchanges are cementing their positions in the Canadian markets. Big names like Paxos and OKX have already announced their decision to shutter their services for Canadians. Last December, the Canadian Securities Administrators (CSA) issued a notice labeling stablecoins as ‘securities and/or derivatives.’ This has prohibited regulated crypto exchanges in the country from offering services with stablecoins, which is a significant part of the industry.įurther, Canada, especially the regulator in the state of Ontario, mandated the registration of all cryptocurrency exchanges operating within the country.īinance, the largest cryptocurrency exchange in trading volume, is not the first to exit Canada.
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