Binance to wind down business in Ontario

Binance submitted an undertaking to the Ontario Securities Commission (OSC), confirming they would cease opening new accounts in Ontario.

They also stated they would cease trading in existing Ontario accounts and withdraw certain products, with limited exceptions justified as investor protection.

Binance’s trouble in Ontario started last year, when the OSC said Binance wasn’t compliant with the Ontario’s Securities Act and Binance responded by pledging to wind down their business in the region.

In December 2021, however, Binance informed customers that despite being unregistered, it was still allowed to continue operations. In the latest undertaking, Binance acknowledged this was “not correct”. They also admitted that Binance’s customer service tweeted “inaccurate information”.