Binance says users in Ontario restricted from using its platform - regulator

Biance app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Binance, the world's largest crypto exchange by trading volume, has confirmed in an undertaking to the Ontario Securities Commission (OSC) that it would stop opening new accounts for users in the Canadian province, the regulator said on Thursday.

The dispute between Binance and OSC started in June last year, when the exchange announced its decision to quit Ontario after a regulatory crackdown on crypto exchanges in the province for allegedly failing to meet securities laws.