Crypto exchange Binance released a document, confirming to the Ontario Securities Commission that it ceases opening new accounts for Ontario residents. With some exceptions to protect investors, the exchange will cease trading in existing Ontario accounts. It will also provide fee waivers and reimbursements to some users.
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The document written on behalf of Binance CEO Changpeng Zhao (CZ) includes facts and acknowledgments on previous proceedings. Binance said that in June 2021, it made a decision to withdraw its services from Ontario, and told users they would need to close positions by Dec. 2021. Things got complicated when on Dec. 29, 2021, Binance notified Ontario users that it was authorized to continue services in the province. The company acknowledged it was not correct.
Later, the company confirmed to staff that the restrictions were in place for Ontario accounts and sent users emails. Binance says despite the limitations presumably in place, Ontario residents were able to trade further.
On January 1, 2022, the Customer service team of Binance tweeted that users can continue trading as normal if they already had accounts. The document acknowledges the information was inaccurate.Note that in March 2021 OSC released a warning on unregistered crypto platforms, urging them to contact the Staff. In December it issued a press release saying that Binance isn't registered under Ontario's law.
Binance is not the only exchange to shut down in Ontario. In January, Bitfinex revealed such a decision.