While the details of the order were not immediately publicly available, Binance said the OSC had relied on the CFTC’s lawsuit as its impetus. The OSC’s order authorized “an extremely broad inquiry into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls in relation to or engaged in conduct contrary to Ontario securities law and/or the public interest,” Binance’s legal representation Borden Ladner Gervais LLP said in the filing.īinance has faced increasing regulatory and legal scrutiny in multiple jurisdictions over the last few years, most recently finding itself and its Chief Executive Officer Changpeng Zhao on the receiving end of a lawsuit by the US Commodity Futures Trading Commission. Two days later, Binance announced it would be withdrawing from the market, citing new regulatory guidance related to stablecoins and investor limits. The Ontario Securities Commission served the world’s largest digital asset exchange with an investigation order on May 10, the platform said in a filing this month with the Capital Markets Tribunal. Wall Street Banks Are Using AI to Rewire the World of Financeīillionaire Perot Warns of Real Estate Recession as Loans Dry Up ![]() ![]() Inside the Making of Redfall, Xbox’s Latest Misfireĭebt-Limit Deal Passes the House, Easing US Default Concerns ![]() said it has received an order from one of Canada’s securities regulators to investigate whether the platform attempted to find a way around local regulations and compliance controls while seeking approvals in the country.Ĭhina Is Drilling a 10,000-Meter-Deep Hole Into the Earth This included buying or depositing stablecoins, a requirement that meant further due diligence checks for exchanges amid the tightening regulatory scrutiny.(Bloomberg) - Crypto exchange Binance Holdings Ltd. The February communication had asked crypto trading platforms operating in the country to seek approval before allowing customers to use stablecoins on their platforms. It has also been one of the main advocates of more regulatory clarity across the globe.īut its decision to exit Canada comes a few months after the Canadian Securities Administrators (CSA) outlined new guidance regarding stablecoins. The question of regulatory clarityīinance is a major crypto industry player that has sought regulatory approval in most of the jurisdictions that it offers its services. “ While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework,” Binance wrote. The crypto exchange giant said it had “put off this decision as long as could to explore other reasonable avenues to protect Canadian users.” However, it’s joining other platforms to withdraw from the market after the latest regulatory move. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” the exchange said in a tweeted statement. “ We had high hopes for the rest of the Canadian blockchain industry. The crypto platform revealed its move on Friday, noting that the decision was down to new guidelines that make the Canadian market “no longer tenable” for its operations. The exchange says it will continue to engage regulators even if it doesn’t agree with new guidance.īinance, the world’s largest crypto exchange by trading volume, has announced its exit from Canada. ![]() New rules required exchanges to seek approval before allowing their customers to buy or deposit stablecoins.Binance says new guidance on stablecoins has made it untenable to continue operating in the country.
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