Binance, the largest crypto exchange by trading volume, continues to be restricted to Ontario residents in a statement released by the Ontario Securities Commission (OSC). The statement came in response a day later as Binance users in Ontario received email communication from the exchange on December 29th 2021 stating Ontario residents are no longer required to close their Binance account due to Ontario becoming a restricted jurisdiction.
In Binance's email to its Ontario resident users: As a result of ongoing and positive cooperation with Canadian regulators, there is no need for Ontario users to close their accounts by December 31,2021.
Binance communicated with its users in Ontario that the company has "been successful in taking its first steps on the regulatory path by registering in Canada as a Money Services Business with FINTRAC" and that "This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration.".
The Binance team has since sent out another follow up email 3 days later on Jan 1, 2022 clarifying that "While you will not be required to close your account by December 31, 2021, trading access and new user onboarding remains restricted. This will remain in effect until further notice."
The OSC's statement reads that Binance is not registered under securities law in Ontario and is not authorized to offer trading in derivatives or securities to residents or corporations located in the province. The statement deals another blow to Binance which shut down operations to Ontario residents in June, as they faced similar restrictions earlier in the month, closing their services to users in Singapore.
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