Binance Canada Is Officially Shutting Down, And Here’s Why

Binance Canada branch confirmed that it is officially shutting down and users from Ontario can no longer open accounts as we can read more in today’s Binance news.

Crypto exchange Binance Canada confirmed to the Ontario Securities Commission that it will no longer open accounts for new customers in Ontario. The exchange also committed to cease trading for existing Ontario-based accounts and will provide fee waivers and reimbursements. The commitments sent to the OSC were accompanied by other acknowledgments made by the exchange about the reality of the activity in Ontario. The exchange said that Ontario investors can trade on the platform after the restrictions are put in place but still, it’s undertaking to the OSC represents a legally enforceable commitment from the exchange to the regulator. The OSC noted:

“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.”

The move came after a series of issues with the regulators which initially started in 2021. in June 2021, Binance announced that it will withdraw its services from Ontario and then notified users to close active positions by December 31, 2021. The exchange then notified local users that the exchange is allowed to continue with operations in Ontario. In Binance’s undertaking to the OSC, the exchange acknowledges that that was not correct now. In response, the OSC said that no entity in the Binance group of companies had any form of securities registration in the province which continues to be the case according to the OSC.

According to Binance’s undertaking to the OSC, the exchange confirmed that the trading restrictions were in place for the Ontario accounts and it also advised users that the trading access and onboarding of new users are restricted. Binance also said that the customer service team provided inaccurate information when advising an Ontario user that they can trade after January 1, 2022, as normal if their account is open.

As recently reported, The world’s biggest exchange is targeting the region to expand operations and the Arab nation is opening its arms in Dubai but trading on the world’s biggest exchange won’t be available for everyone.
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The company stated that the licnese permits it to expand the limited exchange products and services for approved investors and professional financial and other service providers.