Binance Slapped By OSC For “Unacceptable” Announcement For Ontario Crypto Investors
Evidently Binance has shot itself in the foot again when it comes to Canadian regulators. After announcing to its Ontario-based users that they no longer had to close their accounts by December 31, it seems the Ontario Securities Commission has slapped them back a notch, disputing statements made by the crypto exchange.
The move by Binance came Wednesday, wherein they sent an email to Ontario-based consumers that they would be able to resume using their service again, “as a result of ongoing and positive cooperation with Canadian regulators.” The email went on to state that, “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.”
Once the Ontario Securities Commission, or OSC, caught wind of this however, they quickly shut things down, issuing a news release captioned, “Binance is not registered in Ontario.” The release is quick to the point, with the opening paragraph stating, “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 announcement by Binance allegedly came without notification to the OSC, which the regulator states is “unacceptable.” The regulator then goes on to state that no entity related to Binance has any form of securities registration within the province.
So much for that positive development.
Information for this briefing was found via Binance and the OSC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
