Binance Talked With Ontario Regulators, Says Restrictions Remain

Binance talked with Ontario regulators and said that the users still face restrictions in the country, for now, so let’s read more today in our latest Binance news.

Crypto exchange Binance said it had a constructive meeting on Friday with the Ontario Securities Commission to clarify the announcement for the users that suggest it could still provide tradign services in Ontario. Binance talked with Ontario regulators and said it initially had a miscommunication and sent a memo to the Ontario-based users saying that they will be able to maintain their accounts and the company will be able to continue operating in the province. The OSC said that Binance is not authorized to offer to trade in derivatives or securities to people or companies.

The company said in a statement:

“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. 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.”

In addition, Binance said restrictions for Ontario users remained in place that includes no trading and prohibited from opening new accounts with the exchange not being able to market its services to Ontario-based users. Binance also said it will consult with the OSC before updating the users on the regulatory status of their accounts.

As recently reported, Binance is the world’s biggest crypto exchange in terms of trading volume and it isn’t authorized to operate in Ontario according to the province’s securities regulator. The Ontario regulator notified the investors that binance is not registered under securities laws in the province. The exchange added that there’s no need for Ontario’s users to close their accounts by the end of the year. The notification recieved by Binance’s Ontario users stems from the exchange’s Canadian entity last week’s registration as the money services business with FinTrac which is Canada’s anti-money laundering authority. In June after the OSC decided to restrict trading on the centralized crypto exchanges that offer derivatives products like ByBit, KuCOin, Poloniex, Binance informed the Ontario users that they had to close their positions by the end of the year.