The Securities Commission of Ontario, Canada, issued an investigative order against Binance last month, according to a document filed with the Capital Markets Court. The purpose of the investigation into Binance is to determine whether it is intentionally violating securities laws.

The petition states that the OSC’s submission requested a particularly in-depth investigation into the possibility of the exchange attempting to circumvent Ontario securities laws and Binance.com compliance procedures or engaging in conduct that is contrary to Ontario securities laws or the public interest.

Binance announced its departure from the nation a few days later, citing “new guidance regarding stablecoins and investor restrictions.” In response to a question regarding the company’s decision to withdraw from the Canadian market, the company’s chief executive officer, Changpeng Zhao (CZ), a citizen of Canada, stated in a tweet that he no longer considers it to be possible to run a business there due to the new regulations.

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Following that, Binance argued that the Ontario Securities Commission’s investigation was “extremely broad” and “not based on any factual facts.” As a result, Binance requested that the agency discontinue its work. Binance included its May 18 recording that the “examination request has no genuine reason” and that the trade has removed from Ontario and Canada.

As indicated by Capital Business sectors Court filings, a consultation on whether to drop the examination is set for June 2.

Canada isn’t the only crypto company that finds doing business there difficult. Bybit, a digital asset exchange, then announced its departure from the nation, and OKX, citing their inability to withstand the new regulations, announced their withdrawal in March.