How Summer Camp Became Such a Hot Mess for Parents (Corrects story originally published May 31 to clarify that Binance was told to respond to the issue of jurisdiction.) In the Canadian filings, Binance said it was incorporated and carries on business via a registered office located in George Town, Cayman Islands.
Regulators canada down crypto exchange binance registration#
Binance has steadily sought registration in multiple locations across the world over the last two years, including France, Japan and Dubai, without designating any site as its official headquarters. In a hearing on the case last week, the Capital Markets Tribunal said Binance must publicly declare the nature and content of the investigation order and what information it had been summoned to provide.Ī further hearing on the issue of jurisdiction will be held on June 2, the Tribunal said, to which Binance had to send written submissions by May 29.
The agreement promised that the OSC would not bring further investigations against Binance while it was seeking registration, the exchange said. Read more: Canada’s Tightened Crypto Rules Push Firms to Comply or Leaveīinance had separately argued that the OSC’s investigation order should be revoked because of a settlement agreement that the two signed in 2022 relating to its activities in the country, the filings showed. Others, such as Coinbase Global Inc., have opted to stay in the country and pursue registration under the new rules. “The OSC has made a request to access virtually limitless private data in the hope they may find something untoward,” a Binance spokesperson said in an email on Wednesday, adding that it viewed the order as “ungrounded.” A spokesperson for the OSC said the regulator will address the application later this week.Ĭanada’s move to impose toughened rules on crypto companies in the wake of trading platform FTX’s collapse last year has caused several major exchanges to withdraw from the market, including OKX and Bybit. When asked why Binance had opted to leave the Canadian market, Zhao, who is a Canadian citizen, said in a Twitter Space on Wednesday that he no longer believed it was possible to operate a “viable business” there from a costs perspective after the new regulations were enforced.
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 (Bloomberg) - Crypto exchange Binance Holdings Ltd.
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