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Ontario Regulator: Binance Is Not Authorized To Operate

The Ontario Regulator or the Securities commission denied that the Binance crypto exchange can continue its operations in the province so let’s read more in today’s Binance news.

Binance is the world’s biggest crypto exchange in terms of trading volume and it isn’t authorized to operate in Ontario according to the province’s securities regulator. The Ontario regulator notified the investors that binance is not registered under securities laws in the province. The press release noted:

“This means they are not authorized to offer to trade in derivatives or securities to persons or companies located in the province.”

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The OSC statement came after binance users in Ontario got emails saying that the exchange would be able to continue to operate in the country’s province. Binance said:

“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 as a Money Service Provider with FinTrac.”

The exchange added that there’s no need for Ontario’s users to close their accounts by the end of the year. The notification recieved by Binance’s Ontario users stems from the exchange’s Canadian entity last week’s registration as the money services business with FinTrac which is Canada’s anti-money laundering authority. In June after the OSC decided to restrict trading on the centralized crypto exchanges that offer derivatives products like ByBit, KuCOin, Poloniex, Binance informed the Ontario users that they had to close their positions by the end of the year. The OSC noted:

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

The agency noted that no entity in the Binance group of companies holds any form of securities registration. The Canadian Securities Administrators list only six trading platforms registered both nationwide and in Ontario and these include Coinberry, Netcoins, CoinSmart, Wealthsimple, Bitbuy, and Fidelity. The latest statement by the OSC is another setback for Binance which recieved a lot of pushback from regulators across the globe this year. The UK FCA also stated that binance is not capable of being supervised effectively but that hasn’t stopped the exchange from attempting to gain a license in the country.

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Singapore’s MAS also added to its investor alert list that includes entities that could be wrongly perceived as being licensed or regulated by the MAS. Some jurisdictions like Malaysia launched enforcement action against the exchange for operating illegally in the country.

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