Binance Announces Ontario User Restrictions

Binance and he control problems

Crypto exchange Binance has seen a lot of news headlines recently as the focus shifted to the crypto space.

Just last month, Binance reportedly canceled Singapore’s application to provide crypto services in the Republic. The report highlights Binance’s failure to meet Singapore’s AML and KYC standards.

The December crisis was not the first for Binance, which has been embroiled in a series of skirmishes with other regulators around the world. Other countries that have banned Binance have reportedly imposed restrictions on domestic trade and money laundering by British and US regulators.

Despite problems in the UK, Binance recently announced plans to expand its services to the UK in the next 6-18 months.

Binance and Ontario Canadian Security Commission (OSC)

Last week, news reached Binance Wire in collaboration with regulators to continue working in Ontario, Canada.

“Crypto-Exchange will continue to operate in Ontario after reaching an agreement with the local regulatory agency,” he told its users. In June, Binance announced plans to shut down operations in Ontario, Canada.

A.D. 2022 does not seem to put Binance in the eyes of regulators and regulators.

This morning, OSC restrictions were announced to apply to Binance Ontario users. According to the report, Ontario users are not allowed to trade and are not allowed to open new accounts. In addition, OSC Binance will continue to block access to Ontario users.

A meeting was held with the Ontario Security Commission following Binance’s announcement this week to continue its work in Ontario. Binance said in an earlier announcement that there had been a “distorted relationship.”

Opinions from OSC suggest Binance may find it difficult to solve Ontario’s problems soon. According to the report, OSC “Binance advertised to its users without giving any notice to its users. This is unacceptable. ”After 31 years, Binance was determined not to allow new transactions involving Ontario residents.St December, 2021

Binance and control commitment

According to the Binance blog, Binance understands the various responsibilities of being an industry leader. Binance emphasizes its commitment to work globally and responsibly with regulators to support growth and innovation in the industry.

With commitment on the part of the supervisor, Binance hired Greg Monahan in August to solve problems with supervisors. Monahan is a former US government cybercriminal expert.

 

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