Binance To Stop Opening New Accounts For Users In Ontario

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The Ontario Securities Commission (OSC) has confirmed that Binance will stop opening accounts for users in Ontario.

In the undertaking filed, Binance will also be halting trading in existing Ontario accounts. The company however stated that there will be certain exceptions that are very necessary to “protect investors.”

As Binance winds down business in the province, it will also provide fee waivers and reimbursements to some users.

Binance and OSC have had a rough patch since June 2021. In March, a new policy ordered crypto exchanges to register with the OSC or face enforcement action.

In June, Binance announced plans to quit Ontario due to the regulatory crackdown on crypto exchanges in the region for failing to meet its policy.

Binance confirmed to investors in December that it was allowed to continue its operation in Ontario without being registered.

The OSC has continued to remind crypto-asset trading platforms over the last year that they must register or face enforcement, but so far only six have registered.

For more information, read the original story in Reuters.

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