08:40:40 EDT Fri 26 Apr 2024
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Post says OSC investigating Binance for past conduct

2023-06-01 09:16 ET - In the News

The Financial Post reports in its Thursday edition that weeks after global crypto giant Binance announced it was pulling out of Canada over the country's securities regulations, a document published the Ontario Securities Commission shows that watchdog is investigating the crypto platform's conduct in this country. The Post's Barbara Shecter writes that documents published by the regulator May 30 show the OSC is attempting to use its powers, including summons, to compel the production of documents and data from Binance and potentially third parties. The crypto platform is seeking to have those efforts quashed because an undertaking between Binance and the OSC in 2022 precluded the regulator from taking enforcement action based on past conduct. Binance had tussled with the OSC in 2021 and 2022 over whether it could serve Canadian clients. According to a May 30 amended notice of application, the OSC issued an "investigation order" on May 10 that "authorizes an extremely broad inquiry into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls in relation to Binance.com or engaged in conduct contrary to Ontario securities law and/or the public interest without any limitation."

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