In mid-May, Binance said it was joining other prominent cryptocurrency firms and “proactively” withdrawing from the Canadian market.
This is due to the regulatory situation in the country.
Representatives of the company noted that the volume of trading from customers from Canada was not too large, but Binance has always been “sentimental” about this country, because the founder of the exchange Changpeng Zhao (Changpeng Zhao) is a citizen of Canada.
Yesterday, May 30, a document was released that shows that the OSC is trying to use its power to compel the production of documents and data from Binance and third parties.
The OSC 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 Ontario’s securities law.”
Note that Binance Canada was headquartered in Calgary and the cryptocurrency platform was never registered with the Ontario Securities Commission.
Cryptocurrency exchange Bybit also announced its departure from the Canadian market. The reason, as in the case of Binance, was the new regulations in the country.