Binance, the world’s largest cryptocurrency exchange, has apparently prohibited users in Ontario, Canada, from opening new accounts on the platform. The conflict between the corporation and the local financial regulator reached a climax last summer when the latter left the region.
According to a recent report by Reuters, the dispute between the two entities took one step further as the trading venue stopped opening new accounts for local users. This comes months after the business faced greater pressure from worldwide watchdogs over its actions. However, recent months have been more profitable for the firm’s growth.
The Central Bank of Bahrain (CBB) gave the exchange a crypto-asset service provider license earlier this week. Binance was granted permission to provide customers with digital asset trading options, custodial services, and portfolio management under the supervision of local watchdogs.
Shortly later, the platform obtained approval from Dubai as well. Investors could use the virtual asset license to gain access to “restricted exchange products and services.” Binance’s operations, on the other hand, will be rigorously supervised and regulated by the Virtual Asset Regulatory Authority (VARA).
The OSC has experienced problems with more than one cryptocurrency exchange, including Binance. Polo Digital Assets (commonly known as Poloniex) was charged with violating Ontario laws by the regulator in May of last year. The trading venue, in particular, neglected to register with the agency while offering its services to customers.
Prior to the complaint, the watchdog advised crypto exchanges in Ontario to follow legislation in order to avoid potential penalties. More than 70 such entities have done so, but Poloniex is not one of them.
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