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Crypto exchange Binance won’t be pulling out of Ontario

The crypto exchange announced that it will continue its services for Ontario-based users after successfully working with Canadian regulators.

Toronto Skyline / Image by: Wikimedia Commons

Thu, 30 Dec 2021, 07:26 am UTC

Binance, the largest crypto exchange in the world by volume, won’t be pulling out of Ontario, Canada after all. The company announced that it will continue its services for Ontario-based users after successfully working with Canadian regulators.

In June 2021, Binance said that it will be pulling out of Ontario and advised users in the area to close their accounts by December 31. The Ontario Securities Commission (OSC) accused crypto exchanges of not complying with regulations.

“As part of our continuing compliance efforts, Binance has updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26 at 3:59:59 AM (UTC),” the crypto exchange said in a blog post on June 26, 2021. “Regrettably, Binance can no longer continue to service Ontario-based users. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021.”

However, the crypto exchange has recently informed its Ontario-based users that it won’t be going ahead with its planned exit from the Canadian province. In an email on Wednesday, Binance told uses that it was able to make arrangements with the OSC allowing the company to continue offering its services in the area, according to Coindesk.

“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 said in its email to users in Ontario.

“This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration,” the crypto exchange added. Established in 2000, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is the country’s national financial intelligence agency tasked with the detection and investigation of money laundering.

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