In June 2021, Binance, one of the top crypto exchange platforms on the web, announced that it would withdraw its services from Ontario (Canada) because it has become a restricted jurisdiction. The exchange notified Ontario-based users to take immediate measures to close out all active positions by December 31, 2021.
The Ontario Securities Commission (OSC) Statement
The Ontario Securities Commission (OSC) is notifying investors that Binance is not registered under securities law in Ontario. This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province.
No entity in the Binance group of companies holds any form of securities registration in Ontario.
Binance document that has been sent to The OSC
Yesterday, Binance has announced that it has sent a legal confirmation of the shutdown of its crypto-related services to the Ontario Securities Commission (OSC) that it will no longer create any new accounts for customers in Ontario, Canada.
In the document that BINANCE HOLDINGS LTD and BINANCE CANADA CAPITAL MARKETS INC sent to the Ontario Securities Commission, it has clarified that it will also stop trading for the current existing Ontario-based accounts; Binance ensured certain commitments to the Commission, including:
- Binance has prevented and will continue to prevent Ontario users from opening accounts on the online crypto asset trading platform “Binance” (the Binance Platform), through www.binance.com (the Website), an app, or any other means.
- Binance has identified and will continue to identify Binance Platform accounts held by Ontario investors, ceasing trading in existing Ontario accounts, with exceptions to protect investors, along with winding down its business in certain products.
- providing fee waivers and offering fee reimbursements to certain Ontario users.
- making reports to Staff of the Commission.
- retaining an independent third party to ensure the effectiveness of Binance’s efforts to implement its commitments.
Binance exchange full license in Bahrain and Dubai
While cryptocurrency exchange Binance has been restricted in Ontario Canada, it has got a full license to work in Bahrain and Dubai.
Changpeng Zhao (CZ), Binance CEO and founder, said: “We are excited to announce that we have been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB). The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world. I would like to thank Team Bahrain, guided by the visionary leadership of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, and Prime Minister, for the great work in facilitating this achievement.