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The Ontario Securities Commission reprimanded the crypto exchange Binance for sending an email to Ontario-based clients saying that it has been successful in taking its first steps by registering as a Money Services Business with FINTRAC it will continue its operations in Canada. However, the Ontario Securities Commission (OSC) clarified that the exchange is not registered under the securities law in Ontario and described Binance’s action of sending emails as unacceptable.
Contrary to previous reports, crypto exchange Binance has not worked out some form of arrangement with the Canadian regulator that will allow it to continue its operations beyond 2021. “Binance represented to OSC Staff that no new transactions involving Ontario residents would occur after December 31, 2021,” the OSC said, according to Bitcoin.com.
The regulator even chided the crypto exchange for sending those emails to its Ontario-based customers. “Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment,” the agency added. “This is unacceptable.”
In an email sent on Wednesday, Binance told users that it was able to make arrangements with the OSC allowing the company to continue offering its services in the area. “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 Ontario-based users. “This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration.”
However, the OSC clarified that Binance is still not registered in Ontario at the moment. “No entity in the Binance group of companies holds any form of securities registration in Ontario,” the OSC pointed out. “This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province.”
Meanwhile, the crypto exchange explained that the incident was just a misunderstanding. “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, according to Coindesk. “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.”
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