world’s largest cryptocurrency Binance Canada, the Canadian subsidiary of exchange Binance, has submitted a Pre-Registration Undertaking (PRU) to Canadian regulators, signaling its intention to launch a new trading platform exclusively for the Canadian market.
Company Apply for Registration of Binance Canada
The PRU was presented to other members of the Securities Executives of Canada (CSA), the umbrella body of Canada’s provincial and territorial securities regulators, as well as to the Alberta Securities Commission (ASC) on March 31, 2023.
The PRU outlines how Binance Canada plans to operate in accordance with Canadian securities laws and regulations, including the management and custody of user assets, user protection measures, compliance obligations, and other operational issues.
The PRU also details Binance’s financial and operational obligations, including measures taken to ensure adequate user fund protection and security.
Binance Canada said it will contact each Canadian user of Binance.com directly with details on how they will migrate their accounts and funds to the new platform once the PRU has been completed and accepted by CSA members.
Binance Canada said it is committed to making this process easy and seamless for all users.
Canada has been taking steps to regulate the crypto industry in recent years. In June 2020, the CSA published guidance on how securities laws apply to crypto-asset trading platforms.
In July 2020, the Canadian Financial Transactions and Reports Analysis Center (FINTRAC) introduced new rules for crypto businesses operating in or serving Canadian customers to register as money services businesses and comply with anti-money laundering and counter-terrorism financing obligations.
*Not investment advice.
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