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Finance

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.

By Michael Bellusci
AccessTimeIconDec 29, 2021 at 10:57 p.m. UTC
Updated May 11, 2023 at 7:10 p.m. UTC
End of an Era? Binance Clamps Down on Customer Verification Requirements
End of an Era? Binance Clamps Down on Customer Verification Requirements

UPDATE (Dec. 30, 21:42 UTC): The Ontario Securities Commission disputed Binance’s claims in a Thursday news advisory. Read more here.

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    • 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.

    Read more: Binance Gains Bahrain Approval to Become Crypto Asset Service Provider, Registers in Canada

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter