'Unacceptable': OSC warns Binance remains unregistered in Ontario
Binance said it will not allow Ontario users of its crypto currency trading platform to trade or open new accounts after a meeting Friday with the Ontario Securities Commission.
The commitments come a day after the OSC publicly reprimanded Binance for an “unacceptable” letter telling its Ontario users they could keep their accounts open, despite lacking a registration as a trading platform with the securities regulator. To date, six cryptocurrency platforms are registered to trade in Ontario, but not Binance.
“Binance’s notice was intended to communicate that Binance had decided to actively pursue registration in Canada and that Ontario users would not be required to close or liquidate their accounts on December 31, 2021,” Binance said in a statement, adding that the letter “may not have been as clear as intended.”
Binance has also committed not to market its services to Ontarians.