Local regulators say crypto exchanges are not registered in the region.
The Ontario Securities Commission said Binance was not registered in the Canadian province. Earlier this week, the crypto exchange announced to Ontario users that they would no longer need to close their accounts.
Binance users in Ontario will have to close their accounts by the end of the year because the exchange is not registered in the region, according to the Binance newsletter.
On Monday, the head of the crypto exchange, Changpeng Zhao, tweeted about accepting registration in the country as a money services company (MSB) from Canadian money laundering agency FinTrac. Users no longer need to close their accounts, Binance said.
“As a result of continued and positive work with Canadian regulators, Binance has been successful and has taken the first steps towards obtaining registration in Canada as MSB,” the cryptocurrency exchange newsletter said.
The market believes that the MSB license allows the crypto exchange to continue operating in the North American country “while full registration is ongoing.”
To complete the registration, the crypto exchange submitted an application to the Canadian Investment Industry Regulatory Organization (IIROC), a Binance spokesperson told TheBlock. According to him, there was a misunderstanding.
“We did not meet directly with the Ontario SEC about our intentions, which was clearly a mistake we corrected. We will provide users with the latest recommendations as soon as possible, ”- explained the representative of the crypto exchange.
Keep in mind that this year Binance is focused on building interactions with regulators in different countries against a backdrop of widespread pressure. For this, the cryptocurrency exchange has employed several high-level cybersecurity and regulatory compliance experts.
Binance recently received in-principle approval from the Central Bank of Bahrain to operate in the kingdom. Markets also wants to get a license from the UK Financial Conduct Authority (FCA).
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