Binance tells regulators it’s going to shut down operations in Ontario…for real this time

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Binance confirmed in a commitment to Canada’s Ontario Securities Commission (OSC) on Wednesday that the crypto exchange would cease operations with Ontario residents. Binance will too stop Opening new Ontario accounts and providing fee waivers and refunds to certain Ontario users under the administration of a third party, the company said.

The enterprise appears to mark the end of a disagreement that began in June when Binance announced it no longer maintain Ontario accounts and clients were advised to close active positions by the end of the year. In the month leading up to Binance’s announcement, the OSC introduced a new prospectus and registration requirements for cryptocurrency exchanges.

In December, Binance informed investors that despite the lack of registration, it was allowed to continue operations in the province. The OSC fast refuted this claim. In the commitment submitted on Wednesday, Binance acknowledged that their statement was untrue. The exchange also admitted that it had told Ontario investors in an email Jan. 1 that trading and onboarding were restricted, but still allowed them to trade as usual. The commitment gave Ontario users 90 days to close their positions.

The OKS specified that it “reserves the right to take enforcement action against Binance for any past, present or future violations of the Securities Act of Ontario not arising out of the events described in the Commitment.”

Ontario’s regulator is notable for its tough stance on crypto exchanges. It recently took action against several exchanges that once operated in the province, including Bitfinex, OKEx, Bybit, KuCoin, and Polo Digital Assets. From the end of January, the stock exchanges that have been permitted to operate in Ontario are Bitbuy, Coinberry, CoinSmart, Fidelity Digital Assets and Wealthsimple. The OSC too forbidden Tether (USDT) in August.

Binance will continue to operate in other Canadian provinces. The Alberta Securities Commission is the primary regulator of the stock exchange in the country.