OSC denies claims of cooperation with Binance, to remain unregistered in Ontario

OSC denies claims of cooperation with Binance, to remain unregistered in Ontario

Calling the move “unacceptable”, the Ontario Securities Commission has refuted Binance’s claims of cooperation with the Canadian financial regulator and said the exchange is still unregistered to operate in Ontario.

The world’s largest crypto exchange by trading volume Binance reported in June that it is pulling out of the province by December 31st after the OSC accused it of not complying with the regulations.

However, just a few days before the D-Day, Binance announced that it has cooperated with the regulator after registering in Canada as a Money Services Business with FINTRAC. The crypto exchange said it will continue to provide services to Ontario-based users after December 31st as well.

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

The regulator further noted:

“No entity in the Binance group of companies holds any form of securities registration in Ontario.Unregistered platforms operating in Ontario may be subject to action, including temporary orders, to ensure compliance which could affect their ongoing local business operations.”

Binance is not registered in Ontario: https://t.co/irk495UcFc pic.twitter.com/LSSEsVaN72— OSC News (@OSC_News) December 30, 2021

Responding to OSC’s statement, a spokesperson from Binance told crypto media outlet Coindesk that there had been a “miscommunication” and “will seek to remedy this misunderstanding as soon as possible.”

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