The Securities Commission (OSC) in the Canadian province of Ontario announced in a press release on Thursday that Binance has no registration under Ontario securities laws.
To Ontario residents as Binance has no official local registration for derivatives or securities transactions There is no operating license to provide services.
In a statement made by the Ontario Securities Commission, it was stated that no natural or legal person within Binance has a compliant registration with the securities laws in Ontario.
Binance is offering its users residing in Ontario this week. send a statement, “As a result of continued positive cooperation with Canadian regulators, users in Ontario do not need to close their account on the platform until December 31, 2021.” made his statement.
In a statement following Binance’s announcement, the Ontario Securities Commission said, “Binance had given the OSC officials the impression that Ontario residents would not be able to transact on the platform after December 31, 2021. Binance relinquished this intention without informing OSC about the matter. This is unacceptable.” made statements.
According to the news in the press, Binance shared the following after the announcement made by the regulator in Ontario:
“Unfortunately, there was a misunderstanding. Earlier this week, following discussions with the Canadian Investment Industry Regulatory Authority (IIROC) and the Alberta Securities Commission about registration across Canada, we informed our users in Ontario that they do not need to close their accounts until December 31, 2021. However, we make this intention with the Ontario Securities Commission. we did not meet directly, and this was an obvious bug that we are now trying to fix. We will inform our users of updates as soon as possible.”