Binance to continue Ontario operations after working with regulators

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Cryptocurrency exchange Binance said it will not pull its operations out of Ontario after all, telling users in an email on Wednesday that it was successfully able to cooperate with regulators and set itself on track to register in Canada.

Binance stated its registration as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) would allow the company to resume operations in Ontario while pursuing full registration.

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It added there’s no need for Ontario users to close their accounts by Dec. 31, 2021, as it originally suggested back in June.

The China-founded company in late June told users it would be exiting Ontario, making it the first major foreign crypto exchange to do so in response to the country’s stricter regulations towards crypto companies.

The Ontario Securities Commission (OSC) responded on Thursday notifying investors that Binance still remains an unregistered entity.

“Binance represented to OSC staff that no new transactions involving Ontario residents would occur after December 31, 2021,” the announcement read. “Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable.”

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