RIYADH: Binance, the largest crypto exchange, has notified the Ontario Securities Commission it is committed to stopping the opening of new accounts for Ontario residents and terminating some services to comply with strict regulations.
In March 2021, the province demanded crypto-asset trading platforms make contact with the OSC to ensure the companies were complying with rules around security.
Binance reacted by withdrawing its services from Ontario in June last year, telling its users that they would need to close all active positions by December 31, 2021.
However, on December 29, Binance notified Ontario customers that it was allowed to proceed its operations there.
In new development, Binance has vowed to cease opening new Ontario accounts, stop trading in existing Ontario accounts, with exceptions to protect investors, and will wind down its businesses in certain products.
In a letter to the OSC, Binance acknowledged that: “Regardless of the representations made to OSC workers and buyers, Ontario buyers had been capable of proceed to commerce after the restrictions had been supposedly in place.”
Daily trading
Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 0.92 percent to $41,316 at 2:55 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,911, up by 0.31 percent, according to data from Coindesk.
Other news
Prince Philip of Serbia and Yugoslavia says that bitcoin is freedom, noting that “we need to take the money away from the state.”
Philip added: “We need to have hard money again. We need to have good quality money that’s not subject to inflation.”
He is currently working with a global asset manager in London, according to the Royal Family of Serbia’s website.
“I work in finance,” he confirmed on a Serbian TV show.
He added: “I analyze and mainly tell clients what happens with the market, what’s going on with their portfolios, and I speak with a lot of other analysts and a lot of other portfolio managers within the company. We help to make decisions … It’s a great experience to be an analyst. I learn a lot.”
“Bitcoin is freedom, and this is something I want for everyone,” Philip said.
