Binance Corporates with Regulators to Continue Operating in Ontario
Leading cryptocurrency exchange Binance will continue to operate in Ontario after coming to an agreement with the local regulators.
Binance will Not Seize Operations in Ontario
Binance, the world’s largest cryptocurrency exchange by trading volume, told its users yesterday that it would no longer be seizing its operations in Ontario. This latest development comes after the exchange agreed to corporate with the Canadian regulators.
The cryptocurrency exchange said, “However, as a result of ongoing and positive cooperation with Canadian regulators, Binance in Canada has been successful in taking its first steps on the regulatory path by registering in Canada as a Money Services Business with FINTRAC. This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration,”
Binance told its users in June that it would seize its operations in Canada’s most populous province. The exchange cited actions by the Ontario Securities Commission (OSC) against other crypto exchanges as the reason why it wanted to halt its operation in the region.
The OSC had accused cryptocurrency exchanges in the region of non-compliance with regulations. At the time, Binance said Ontario users should close their accounts by Dec. 31. However, Ontario users can leave their funds on the cryptocurrency exchange as it will remain active in the region.
Binance has Improved its Regulatory Efforts
Binance came under pressure from numerous regulatory agencies around the world for operating without proper licenses or registrations, resulting in the cryptocurrency exchange suspending some of its services in Hong Kong, Europe, the United Kingdom and Singapore.
However, Binance has improved its regulatory efforts since then. The crypto exchange has hired ex-regulatory chiefs to help it navigate the regulatory requirements in various countries. The exchange is also seeking regulatory licenses to operate in certain countries.
Binance was accused of operating without a physical headquarters. The crypto exchange is now considering setting up its headquarters in France after agreeing to finance a $113 million (100 million euro) initiative together with France Fintech to support the blockchain and cryptocurrency sector in the country.