Binance to Continue Operating in Ontario After Cooperating With Canadian Regulators
The crypto exchange originally told its users in Canada’s most populous province they would need to close their accounts by Dec. 31.
UPDATE (Dec. 30, 21:42 UTC): The Ontario Securities Commission disputed Binance’s claims in a Thursday news advisory. Read more here.
Cryptocurrency exchange Binance will continue to operate 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 not complying 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 (Financial Transactions and Reports Analysis Center of Canada) is the country’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 comment.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.