Ontario based Binance users are confused, whether to close account or not

A recent announcement of the Binance exchange confused the Ontario users, whether to close their accounts from Binance or not. 

Binance is a popular crypto exchange and its services are popular in multiple countries. This year, Binance faced many scrutiny warnings from different states and Countries’ regulators. Binance exchange tried its best to fix the issues, for which regulators were raising questions against Binance, and also the exchange stopped its crypto offerings few countries, in order to follow the orders. 

The whole matter started in the middle of this year. In the mid of this year, Binance exchange announced that they are ordered to stop crypto offerings for Ontario-based users. So as a part to follow the order of regulators, Binance will stop its crypto offerings by the end of December. 

But on 29 December, Binance informed its users that all the Ontario-based users don’t need to close their accounts and they can continue to use the services. It was a contradictory statement by the exchange because Binance didn’t succeed to get regulatory approval from the Ontario Securities Commission. 

Regulators stated: 

“This is unacceptable….No entity in the Binance group of companies holds any form of securities registration in Ontario.”

Binance exchange recently received its registration with Canada’s anti-money laundering authority, FinTrac. Probably Binance took the reference of this recent registration with FinTrac to continue its services. 

Through the announcement, the Firm stated that: 

“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 this time full registration meaning is unclear but according to theblockcrypto, Binance is in talks with a self-regulatory organization IIROC to get full registration. 

Officially Binance shared about it with theblockcrypto

“Unfortunately, there has been a miscommunication. Earlier in the week, 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.”

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