Binance Held Talks With Ontario Securities Commission, Says Restrictions on Users Remain

Binance’s Ontario users still face account restrictions.

Jan 1, 2022 at 12:10 a.m. UTC
Updated Jan 4, 2022 at 1:23 p.m. UTC

Cryptocurrency exchange Binance said it had a “constructive meeting” Friday with the Ontario Securities Commission (OSC), to clarify an announcement to its users that suggested it could still provide trading services in Canada’s most populous province.

Binance, which said there had been a miscommunication with the OSC, sent a memo to Ontario-based users earlier this week, saying they would be able to maintain their accounts and the company would be able to continue operating in Ontario. The OSC later said that Binance is “not authorized to offer trading in derivatives or securities to persons or companies” in Ontario.

“Binance had a constructive meeting with the OSC to explain the notice and to clarify any confusion or misunderstanding that our actions may have caused,” the company said in a statement Friday. “We fully appreciate, and support, that a significant part of the mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, and Binance has confirmed to the OSC its commitment to the regulatory process in Canada.”

Binance also said restrictions for Ontario users remain in place, which include no trading or opening new accounts, and the exchange won’t market its services to Ontario-based users. Binance said it will consult with the OSC before updating users on the regulatory status of their accounts.

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Michael Bellusci is CoinDesk's crypto payments reporter.