The Ontario Securities Commission’s announcement contradicts recent communication the crypto exchange Binance had with its Ontario users. Covered: OSC Says Binance “Not Registered” Binance Maintains Its Stance OSC Responds To Binance Again… OSC Says Binance “Not Registered” They aren't authorized by the OSC. That's the key takeaway. — John Kaczur (@johnkaczur) December 30, 2021   […] The post OSC Says Binance Can’t Operate In Ontario; Binance Assures Ontarians They Aren’t Going Anywhere appeared first on CryptosRus.

OSC Says Binance Can’t Operate In Ontario; Binance Assures Ontarians They Aren’t Going Anywhere

The Ontario Securities Commission’s announcement contradicts recent communication the crypto exchange Binance had with its Ontario users.

Covered:

  • OSC Says Binance “Not Registered”
  • Binance Maintains Its Stance
  • OSC Responds To Binance Again…

OSC Says Binance “Not Registered”

 

The Ontario Securities Commission (OSC) announced today that Binance is not authorized to operate in Ontario.

“The Ontario Securities Commission (OSC) is notifying investors that Binance is not registered under securities law in Ontario. This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province,” the OSC said via their official site. 

Moreover, the OSC added, “Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable.”

Earlier today, we reported on Binance saying it’s open still to Ontario residents. At the time, the OSC had not yet publicly commented on the matter.

Recommended: Binance Announces BNB Auto-Burn

Binance Maintains Its Stance

Binance is typically unavailable for comment on any kind of story. However, your author is an Ontario resident and Binance user. Thus, as a “Binancian” the exchange was obligated to answer this question via customer support: “Can Ontarians continue to use Binance?”

Dear Binancians,

 

In June, we wrote to you due to Ontario becoming a restricted jurisdiction, and that you may need to close your Binance account.

 

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.

 

This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration.

 

As a result of ongoing and positive cooperation with Canadian regulators, there is no need for Ontario users to close their accounts by December 31,2021. Please check the following official announcement later for more details. Thanks for your understanding.

 

This is a critical step and we are encouraged by the progress being made in Canada, and we look forward to updating you further in the coming months when we will have more information.

The response is word for word the same as the email they sent out to their Ontario users the other day. Oddly enough — despite self-plagiarism — the statement from customer support does clarify that the OSC’s announcement doesn’t change anything for Binance’s Ontario users.

As I explained in my piece earlier today, Canadian financial regulation is a many-headed beast. Who is responsible for what is rather murky territory. But, as of right now, Binance feels comfortable moving forward without the OSC’s blessing.

OSC Responds To Binance’s “Response”

We reached out to the OSC to comment on Binance’s indifference to the Ontario-based regulator.

“I’m afraid that, in relation to this particular entity, we won’t be able to go beyond what’s included in the press release,” said JP Vesci, the OSC’s Senior Public Affairs Specialist.

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This is a developing story. Please check back for updates.

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