- They are demanding the company turn over a number of documents
- And plan to bring in third parties
The OSC, Canada’s chief watchdog, is investigating Binance. More precisely, they continued to do so despite the fact that the cryptocurrency exchange left the local market.
A short time ago, the regulator published new reports on the case. They show that the OSC is using its powers to obtain certain documents and data from the crypto exchange.
The commission also issued an order of investigation.
“The OSC is authorizing an extremely broad investigation into whether Binance may have taken steps to circumvent Ontario’s securities and compliance laws against Binance.com. or engages in conduct contrary to Ontario’s Securities Act and/or the public interest without restriction.”
Binance is attempting to reverse the investigative process initiated on May 10 and 11 (the day before the crypto exchange left the market).
While Binance and OSC in 2022 formalized a commitment that prevents regulators from using enforcement measures (such as subpoenas or document seizures).
Before that, in 2021 and 2022, the parties litigated.
At the time, the Canadian regulator suspected Binance of illegally serving Canadians through an offshore platform.
To avoid claims, the crypto-exchange opened subsidiaries of Binance Canada Capital Markets Inc. in Canada in 2022. и Binance Canada Asset Management Inc. But the claims from the regulator continued.