Binance, the world’s largest crypto exchange, finds itself in an embarrassing situation. That’s, after the Ontario Securities Commission wrongly announces approval to operate services in the province.
The company’s “unacceptable” action was chastised by the Canadian regulator, who clarified that none of the company’s organizations are registered in the country.
Binance informs its Ontario users in June that their accounts would be on cancel by the end of the year. The OSC had previously issued a warning to the exchange for failing to comply with local securities laws. This was part of Binance’s global regulatory bombardment, which the crypto juggernaut was able to weather by lowering leverage and increasing compliance. Changpeng Zhao, the CEO, wore a t-shirt instead of his normal hoodie.
Changpeng Zhao, the company’s CEO, swapped his sweatshirt for a suit as he attempted to navigate turbulent regulatory waters.
Binance ecstatically declared earlier this week that it would be able to continue operating in Ontario. Which is, Canada’s largest province, after resolving regulatory hurdles. According to the exchange, it has registered as a money services business (MSB).
The OSC, on the other hand, quickly refuted this allegation. Then, notes that only six trading platform is to operate in Ontario. Then, and that Binance s not one of them.
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