World Crypto Global
- Written by: John Kaczur
- Thu, 30 Dec 2021
- Russian Federation
Binance barely beats the buzzer to stay operational in Ontario. What’s next for the world’s biggest crypto exchange in Ontario? @binance dey mad. Sending email that they are no longer leaving Ontario. After I had moved and paid transfer fees ?? — MO (@_MinMann) December 30, 2021 Last night Binance sent an email out to […] The post It’s Official: Binance Stays In Ontario appeared first on CryptosRus.
It’s Official: Binance Stays In Ontario
Binance barely beats the buzzer to stay operational in Ontario. What’s next for the world’s biggest crypto exchange in Ontario?
@binance dey mad. Sending email that they are no longer leaving Ontario. After I had moved and paid transfer fees ??
— MO (@_MinMann) December 30, 2021
Last night Binance sent an email out to its customers stating that they had reached an agreement with the Ontario Securities Commission (OSC) to remain operating in the Canadian province. Binance had self-imposed a deadline for itself to the leave the province by December 31st, 2021.
- “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 wrote to its users via Email.
- How Binance will be able to operate is still to be determined. OSC had previously taken issue with exchanges operating margin and derivatives trading without a proper license.
- Earlier this week, Binance had announced it reached approval in Canada. The announcement earlier this week didn’t necessarily include Ontario, despite the fact that it’s a Canadian province.
- Provinces technically operate under the Canadian Securities Administrators (CSA), an umbrella organization for Canadian provinces. The provinces largely set their own standards.
- The OSC earlier this year began a campaign against several crypto exchanges including KuCoin, ByBit, and Poloniex.
- Although Binance was never one of the exchanges the OSC had publicly issued a warning for, Binance proactively announced it would leave the province on December 31st.
- The Globe And Mail wrote back in June that the OSC could “face challenges” to its banning of unregistered exchanges.
- A Superior Court judge ruled recently that a 100 million dollar lawsuit against the OSC may proceed.
- We reached out for comment to the OSC, but have yet to hear back at press time.
The post It’s Official: Binance Stays In Ontario appeared first on CryptosRus.
