Binance has informed the Ontario Securities Commission (OSC) that it would no longer accept new customers in the Canadian province of Ontario.
The industry’s largest exchange has also agreed to stop trading for existing Ontario-based accounts and to offer cost waivers and reimbursements to eligible consumers.
These pledges, which were submitted to the OSC here, are accompanied by many acknowledgements made by Binance on the reality of the exchange’s activity in Ontario.
After “supposedly putting in place” limitations, the exchange confirmed that Ontario investors were able to continue trading on its platform.
Binance’s promise to the OSC is significant because it provides a “legally enforceable” commitment from the exchange to the regulator in the future.
“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,” According to a statement released by the OSC yesterday.
The decision follows a series of disagreements with the Canadian regulator, which began in the summer of 2021.
Binance said in June 2021 that it would cease operations in Ontario. Users were warned by the exchange that they needed to cancel active positions by December 31, 2021.
However, on December 29, 2021, the exchange notified local users that it had been granted permission to continue operating in the Canadian province.