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Ontario watchdog says Binance continuously giving services despite not being regulated

Ontario watchdog says Binance continuously giving services despite not being regulated 6

Binance exchange seems again under a hurdle, where the exchange is not sure whether it should close or keep the services running in Ontario. 

Binance is a first ranked crypto exchange by 24 hours high trading volume contribution in the crypto Industry. In 2021, Exchange faced many scrutiny threats from the multiple regions of the world, because the exchange was not regulated at the majority of places, and also few raised questions against the Binance exchange being associated with its operations but later exchange found innocence against allegations. 

On 17 March, Ontario Securities Commission (OSC) published its statement on Binance exchange’s crypto services and said that the exchange is continuously providing its crypto services despite the exchange agreeing to follow the orders of the agency to close the services for Ontario based users. 

The Commission also claimed that Binance signed the undertaking to follow the order. 

“In the undertaking, Binance confirms that activities involving Ontario residents have ceased, apart from certain permitted actions to protect investors. Additionally, Binance commits that it will continue to prevent any activities involving Ontario residents, apart from these permitted actions, and to provide fee waivers and offer fee reimbursements to certain Ontario users,” OSC stated

The OSC agency also asserted that all the crypto companies, willing to provide services, should be under the rules and regulations to comply with the existing regualtion framework. 

Through this released statement, OSC noted that despite such situations Binance exchange announced on 29 December that its services will remain open to users.

After one day later, on 30 December, OSC published its announcement that Binance or any of its member doesn’t have any regulatory approval to give crypto services.

At that time, the Binance firm noted its resignation with Fintrac, to continue its services. 

“ongoing and positive cooperation with Canadian regulators ….(..)…MSB license allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration.”

At that time these things resulted in big confusion for the Binance users from Ontario. To bring clarity, The block crypto website asked on this matter from Binance exchange. Then Binance exchange confirmed that it was a misconception. 

Exchange responded

we notified users in Ontario that they did not need to close their accounts by December 31, 2021, following discussions with the Investment Industry Regulatory Organization of Canada and the Alberta Securities Commission regarding registration across Canada. However, we did not meet directly with the Ontario Securities Commission about our intentions, which was an error that we are correcting. We will provide updated guidance to users as soon as possible.”

Read also: Real estate investment trust starts accepting two meme coins

Ontario watchdog says Binance continuously giving services despite not being regulated


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