The appeal states that the investigation was launched “without any factual basis” and the claims made are too general to understand exactly what the problem is and how it can be corrected. Binance management assures that “the investigation order has no legitimate purpose” and that the exchange has already left Ontario in particular and Canada in general.
According to the documents, a hearing to end the investigation is scheduled for just June 2.
Earlier it was revealed that the OSC is trying to use its power to compel the production of documents and data from Binance and third parties. The commission issued an order that “authorizes an extensive investigation into whether Binance may have taken steps to circumvent Ontario’s securities law and whether its conduct was inconsistent with that law.”
Binance announced that it was withdrawing from the Canadian market in mid-May and that it was directly related to the current regulatory environment in the country. Representatives of the company said that the volume of trading involving customers from Canada was not too large, but Binance has always been “sentimental about this country,” because the founder of the exchange Changpeng Zhao is a Canadian citizen;