Binance to Continue Operating in Ontario After Cooperating With Canadian Regulators

Binance to Continue Operating in Ontario After Cooperating With Canadian Regulators

Cryptocurrency exchange Binance will continue operating in Ontario after successfully working with Canadian regulators, the company told users in an email on Wednesday.

  • Binance had told users in June it would be pulling out of Canada’s most populous province, following actions by the Ontario Securities Commission (OSC) against other crypto exchanges accusing them of non-compliance with regulations. Binance said Ontario users should close their accounts by Dec. 31.
  • “However, as a result of ongoing and positive cooperation with Canadian regulators, Binance in Canada has been successful in taking its first steps on the regulatory path by registering in Canada as a Money Services Business with FINTRAC ‚” Binance told its users in Ontario on Wednesday. FINTRAC is Canada’s national financial intelligence agency.
  • “This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration,” Binance added.
  • The OSC didn’t immediately respond to CoinDesk’s request for additional comment.
  • Binance had told users in June it would be pulling out of Canada’s most populous province, following actions by the Ontario Securities Commission (OSC) against other crypto exchanges accusing them of non-compliance with regulations. Binance said Ontario users should close their accounts by Dec. 31.

    “However, as a result of ongoing and positive cooperation with Canadian regulators, Binance in Canada has been successful in taking its first steps on the regulatory path by registering in Canada as a Money Services Business with FINTRAC ‚” Binance told its users in Ontario on Wednesday. FINTRAC is Canada’s national financial intelligence agency.

    “This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration,” Binance added.

    The OSC didn’t immediately respond to CoinDesk’s request for additional comment.

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