regulators canada down crypto exchange binance

The Capital Markets Tribunal ordered Binance to comply with the summons at a May 26 hearing, according to a filing published on Monday. The OSC has since sent summons to Binance to supply documents for the investigation, which Binance argued earlier this month that it could not comply with as the summons was not specific enough on what was required. 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 U.S. 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. 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. Binance is also facing US legal actions by the Commodity Futures Trading Commission and the Justice Department.Crypto exchange Binance Holdings Ltd. The SEC alleged on Monday that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform and misled investors about its market surveillance controls. It added it would defend itself in court and called the SEC’s step “unwarranted”. Binance said the SEC’s motion only concerned Binance.US.Īfter the SEC filed the motion, Binance.US said its user assets would remain safe and the platform would continue normal deposit and withdrawal operations. The holding company of Binance is based in the Cayman Islands. In the motion, the SEC accused Binance of years of violative conduct, including “disregard” for US laws and “evasion of regulatory oversight”. The motion, filed in the US District Court for the District of Columbia on Tuesday, comes a day after US regulators sued Binance and its CEO Changpeng Zhao for allegedly operating a “web of deception”, piling further pressure on the world’s biggest cryptocurrency exchange.

The United States Securities and Exchange Commission (SEC) has asked a federal court to issue a temporary restraining order to freeze the US assets of cryptocurrency exchange Binance.

Regulators canada down crypto exchange binance