INSUBCONTINENT EXCLUSIVE:
Binance says users in Ontario restricted from using its platform - regulatorBinance, the world's largest crypto exchange by trading
volume, has confirmed in an undertaking to the Ontario Securities Commission (OSC) that it would stop opening new accounts for users in the
Canadian province, the regulator said on Thursday.The dispute between Binance and OSC started in June last year, when the exchange announced
its decision to quit Ontario after a regulatory crackdown on crypto exchanges in the province for allegedly failing to meet securities
laws.However, in December, Binance notified investors that it was allowed to continue its operations in Ontario while still being
unregistered in the province, the OSC said.In the undertaking, Binance also made a slew of other commitments, including halting trading in
existing Ontario accounts, with certain exceptions that the company said were necessary "to protect investors".The crypto exchange also
offered to provide fee waivers and reimbursements to certain Ontario users, and said it would hire an independent third party to oversee the
implementation of its commitments.While Binance's business boomed during the COVID-19 pandemic, with retail and institutional investors
alike warming to crypto, the company has come under heavy fire from regulators around the world.The crypto giant also withheld information
and kept weak money-laundering checks even as it said it welcomed government oversight, Reuters reported earlier.(Except for the headline,
this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
