Binance confirmed in a pledge to the Ontario Securities Commission or OSC in Canada on Wednesday that the cryptocurrency exchange will cease operations involving Ontarians. The company said that Binance will also stop opening new accounts in Ontario and provide fee waivers and refunds to certain third-party Ontario users.

The commitment appears to mark the end of a dispute that began in June when Binance announced it would no longer operate Ontario accounts and asked clients to close active positions by the end of the year. A month before Binance’s announcement, the OSC unveiled a new prospectus and registration requirements for cryptocurrency exchanges.

In December, Binance notified investors that it was allowed to continue operations in the county despite not being registered. The OSC quickly denied this claim. In a company presentation on Wednesday, Binance acknowledged that the claim was false. The exchange also acknowledged that it told Ontario investors in an email dated Jan. 1 that trading and landing were restricted, but still allowed them to trade as normal. As part of this initiative, Ontario users had 90 days to close their positions.

OCS stated that it “reserves the right to take enforcement action against Binance for any past, current or future violations of Ontario securities laws that are not related to the events described in the organization.”

The Ontario regulator is taking a tough stance on cryptocurrency exchanges. He recently took action against several exchanges that operated in the province, including Bitfinex, OKEx, Bybit, KuCoin, and Polo Digital Assets. As of the end of January, Bitbuy, Coinberry, CoinSmart, Fidelity Digital Assets and Wealthsimple exchanges are allowed to operate in Ontario. The OSC also banned Tether (USDT) in August.

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

Source: CoinTelegraph

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