Binance Still Not Authorized to Operate in Ontario, Securities Commission Says

Binance Still Not Authorized to Operate in Ontario, Securities Commission Says

Cryptocurrency exchange Binance still isn’t registered under Ontario’s securities law, the province’s securities commission said in a testy statement Thursday after Binance said it had recently cooperated with regulators.

Binance is “not authorized to offer trading in derivatives or securities to persons or companies” in Canada’s most populous province, the Ontario Securities Commission (OSC) said.

The crypto exchange sent a memo to users Wednesday, saying it would be able to continue to operate in Ontario after successfully working with regulators, and customers would not need to close their accounts by year’s end.

“Binance represented to OSC Staff that no new transactions involving Ontario residents would occur after December 31, 2021,” the OSC said in its statement. “Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable.”

No entity in the Binance group of companies holds 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 which could affect their ongoing local business operations, the statement added.

The OSC listed six platforms that are registered in Ontario, including Wealthsimple, Coinberry, Netcoins, Coinsmart, Fidelity and Bitbuy.

Binance didn’t immediately respond to CoinDesk’s request for comment.


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