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Crypto Exchange Firm Binance Has Shut Down In Ontario, Canada

The crypto exchange has officially confirmed that it will no longer be opening any accounts for Ontario-based users.

Photo by Twenty 20 Photos / Envato / Blockwatch

Binance, the popular crypto exchange has officially confirmed that the Ontario Securities Commission (OSC) will no longer open accounts for any new customers in the Canadian province of Ontario.

The industry’s largest exchange has also made a commitment to cease all trading for existing Ontario-based accounts. It will provide fee waivers and reimbursements to certain users, though.

These commitments have been sent to the OSC here, are also accompanied by several acknowledgments that are made by Binance regarding the reality of the exchange’s activity in Ontario.

The exchange acknowledges the fact that Ontario investors were somehow still able to trade after the restrictions were “supposedly put in place.”

More importantly, Binance’s undertaking of the OSC showcases a “legally enforceable” commitment from the exchange to the regulator moving forward.

The OSC mentioned in its statement yesterday that, “This undertaking represents a legally enforceable commitment by Binance to the OSC. 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.”

This latest development comes after a series of clashes with the Canadian regulator, which is a story that can be traced all the way back to the summer of 2021.

Binance announced in June 2021, that it would be withdrawing services from Ontario. It also notified all users to close their active positions by 31st December 2021.

Then, on 29th December 2021, the exchange notified all local users that they’d allegedly been allowed to continue operating within the Canadian province.

The undertaking of Binance by the OSC has revealed that the exchange “now acknowledges that was not correct.”

The OSC, in response to that, said no entity in the Binance group of companies had any form of securities registration in the province whatsoever. They also added “this continues to be the case” in yesterday’s statement.

According to Binance’s undertaking by the OSC on December 21st, 2021, they had confirmed to the regulator that they’d placed trading restrictions for all Ontario accounts.

On January 1st, 2022, the exchange advised Ontario users that access to new onboarding and trading were now restricted.

The customer service team also “tweeted inaccurate information” said Binance, advising an Ontario user, for instance, that they could trade after January 1st, 2022 as normal if their account was already open.

This has also been acknowledged by the exchange to be incorrect.


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