Binance acquires MSB license in Canada to offer crypto-related services

Binance acquires MSB license in Canada to offer crypto-related services

Popular crypto exchange Binance has acquired a license to operate its crypto-related services in Canada, Binance CEO Changpeng Zhao announced via a Twitter post Monday.

As per the regulatory filings made on December 24, Binance’s Canadian money service business (MSB), called Binance Canada Capital Markets, can offer services like Money transfer, dealings in digital assets, and foreign exchange dealings in the country.

Boxing day. https://t.co/XmnyQIODLT— CZ Binance (@cz_binance) December 27, 2021

The exchange wound up with Canadian authorities earlier this year after the Ontario Securities Commission said that Binance has been not complying with the country’s securities act. Along with Binance, crypto exchanges such as Bybit, Poloniex, and KuCoin, were also refrained from offering services.

At the time, Binance announced that Ontario-based users can no longer trade on its platform and were required to withdraw their funds by December 31, 2021, since Ontario, Canada has become a “restricted jurisdiction”.

At the moment, it is unclear if the exchange has reinstated its services in the country’s east-central province.

Binance is the world’s largest crypto exchange by trading volume and has probably faced regulatory heat more than any other crypto exchange. It recently withdrew its services from city-state Singapore and has received

warnings from countries like Japan, Hong Kong, the UK, and more.

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