Binance is facing a probe from the Ontario Securities Commission (OSC) and has requested that the Tribunal "quash the Summons" it received from the OSC. Binance claims that the OSC is conducting an "extremely broad inquiry" into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls. Binance announced on May 12 that it was withdrawing from the Canadian market due to new guidance related to stablecoins and investor limits provided to crypto exchanges. The probe came after Binance acknowledged that it had incorrectly notified Ontario users that they could continue to use the platform after December 29, 2021.
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