Binance Under Investigation by Canadian Securities Regulator

Binance revealed in a court filing that the exchange is under investigation by the Ontario Securities Commission (OSC) on whether Binance attempted to bypass local regulations and compliance controls while seeking approvals to operate in the country, Bloomberg reports.

The OSC served Binance with an investigation order on May 10th. Binance's legal representation, Borden Ladner Gervais LLP, stated in a filing that the order is broad and aims to investigate any potential circumvention of securities law and compliance controls by Binance.com. Two days later, Binance announced it would be withdrawing from the Canadian marketplace, because the "new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time."

The OSC then issued summons to Binance, demanding the submission of documents related to the investigation. The Capital Markets Tribunal ordered Binance to comply with the order and the summons by this week.

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