Deemed As Failure To Meet Regulations, Binance Stops Creating New Accounts In Ontario

Binance is considered too weak on money laundering policies. (photo; doc. unsplash)

JAKARTA – Binance, the world's largest cryptocurrency exchange by trading volume, has made an appointment with the Ontario Securities Commission (OSC). They will stop opening new accounts for users in Canadian provinces, on Thursday, March 17.

The dispute between Binance and OSC began in June last year, when the exchange announced its decision to exit Ontario following a regulatory crackdown on crypto exchanges in the province. This was done because they allegedly failed to comply with securities laws.

However, in December, Binance notified investors that it was allowed to continue its operations in Ontario while it was still not registered in the province, the OSC said.

In that effort, Binance has also made many other commitments. Including stopping trading on existing Ontario accounts. But certain exceptions the company says are necessary "to protect investors".

The crypto exchange is also offering to provide fee waivers and reimbursements to certain Ontario users. They even said they would hire an independent third party to oversee the implementation of their commitments.

While Binance's business has boomed during the COVID-19 pandemic, as retail and institutional investors alike have warmed to crypto, the company has come under strong criticism from regulators around the world.

Reuters reports that the crypto giant has also been accused of withholding information and conducting lax money laundering checks. Even when it is said they have welcomed government scrutiny. previously.