Alberta-based Binance Canada expects to return to Ontario by 2024
FP | | June 2, 2022
In his first media interview since being tapped to lead Binance Canada, a newly created entity, Truong shed light on the company’s plans here after an eventful year that saw it withdraw from the country’s most populous province amid regulatory issues.
I usually tell that as my story of the value of compliance. A lot of people think that compliance is a cost centre, whereas I think there’s real enterprise value.
Seeking IIROC Registration
Truong said Binance has been seeking full registration as a securities and derivatives dealer with the Investment Industry Regulatory Organization of Canada — skipping the temporary registration as a restricted dealer with a provincial regulator, a path other exchanges have taken.
See: Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada
Becoming an IIROC dealer straight away, while more onerous, allows a platform to offer more features, including leverage or margin trading. Truong said if Binance ends up offering those features to Canadians, it will likely be a limited version of what its global customers can access. Binance’s eventual Canadian platform would also have a smaller selection of coins, Truong said. While a conservative estimate of the completion date for IIROC registration would be spring 2024, Truong said he hopes it will be much sooner.
Setting up in Alberta
Alberta this year made a big push to attract crypto companies. Alberta is one of five provinces in which businesses register as securities dealers directly with IIROC and not the local securities regulator. Binance’s choice of the province, though, has nothing to do with the regulation regime, Truong said.
See: Alberta, The untold history of innovation from Canada’s badlands – Part 1
Truong’s own history of senior positions in the province, including in enforcement at the Alberta Securities Commission, played a role in the decision to register there as well.
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