Binance Still Not Authorized To Operate In Ontario, Securities Commission Says

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2022-01-01 04:18:11

The regulator’s statement on Thursday comes after Binance said on Wednesday that it was working with regulators to ensure continued operations.

Cryptocurrency exchange Binance remains unregistered under Ontario’s securities laws, the province’s securities commission said in a statement Thursday after Binance said it recently partnered with regulators. . The exchange then told CoinDesk on Thursday that there was a “miscommunication”.

Binance told CoinDesk on Thursday that there was a “miscommunication” during this process and that “our first priority is to speak with the Ontario Securities Commission (OSC) and will seek to rectify the misunderstanding.” this mistake as soon as possible,” a company spokesperson said in an email.

Binance “continues to remain committed to the regulatory regime in Canada,” the exchange added. Binance said it held talks with Canadian securities regulators about its intention to seek dealer registration in Canada and then informed users in Ontario that they could maintain their accounts. .

OSC was not affected.

Binance is “not authorized to offer derivatives or securities trading to persons or companies” in Canada’s most populous province, the OSC said in its statement.

The cryptocurrency exchange sent a memo to users on Wednesday, saying that it will be able to continue operating in Ontario after successful work with regulators and that customers will not need to close. their accounts by the end of the year.

“Binance represents OSC staff that no new transactions involving Ontario residents will occur after December 31, 2021,” the OSC said in its statement. “Binance has given notice to the user, without any notice to the OSC, rescinding this commitment. This is unacceptable.”

None of the entities in the Binance group of companies hold any form of securities registration in Ontario, the commission said. Unregistered platforms operating in Ontario may be subject to action, including temporary orders, to ensure compliance that could impact their ongoing local business, the statement said. added.

OSC listed six Ontario-registered platforms, including Wealthsimple, Coinberry, Netcoins, CoinSmart, Fidelity, and Bitbuy.

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