Following the announcement by the Ontario Securities Commission(OSEC), Binance has provided an undertaking on its blog that puts out the relevant facts about their previous activities and also the steps that Binance has taken and will take going forward in Ontario.
Binance has specifically pointed out one element of the Undertaking i.e., it will provide a rebate or waiver for withdrawal fees suffered by Ontario account holders wishing to withdraw their funds.
It has been mentioned that there is a minimum withdrawal fee rebate of $10 required to qualify for the scheme. Thus, if a user’s rebate is less than that amount, they will not be eligible. The procedure of rebate is an automatic one.
Thus, from March 16, 2022, until a relevant written notice is provided to Binance by OSC Staff, Binance will rebate any fees taken by Binance from Ontario account holders associated with Permissible Transactions (as mentioned in the Undertaking).
This refund ‘excludes’ the blockchain fees which are not maintained by Binance.
In addition to this, Ontario accounts that reduced their account balance to zero between June 25, 2021, and March 16, 2022, and also which remains at zero as of March 16, 2022, will be considered for a refund.
It is worth noting that Binance will apply an amount equal to the withdrawal fee into the user’s account. Yet again, this refund also ‘excludes’ the blockchain fees which are not retained by Binance.
This announcement by Binance comes after OSC reprimanded Binance for continuing its services in Ontario even without being registered thus, breaching Securities Law.
The whole dispute finally saw a settlement when Binance admitted its fault and announced to close down its operations in Ontario. It also revealed to OSC that it would no longer open new accounts for users in Ontario.
