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OSC to Binance Investors ‘Not So Fast’: Binance Canada Receives License to Operate as Money Service Business

Crowdfund Insider | | Dec 31, 2021

Binance doh - OSC to Binance Investors 'Not So Fast':  Binance Canada Receives License to Operate as Money Service BusinessPut this one in the win category for Binance.

Binance Canada, or Binance Canada Capital Markets, Inc., received a nice Christmas present this past week as it was approved to operate as a registered Money Service Business (MSB),

The Calgary-based operation is approved to provide foreign exchange dealing, money transferring, and dealing in “virtual currencies.” The license is good until December 2024.

The Moose in the Room.

Binance may not yet be out of the woods quite yet.

The OSC posted a statement yesterday, December 3o, 2021, that “Binance is NOT registered in Ontario.” To quote the provincial regulator:

“The Ontario Securities Commission (OSC) is notifying investors that Binance is not registered under securities law in Ontario. This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province.

See:  Binance Received Regulatory Approval From Canada and Bahrain

Binance represented to OSC Staff that no new transactions involving Ontario residents would occur after December 31, 2021. Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable.

No entity in the Binance group of companies holds any form of securities registration in Ontario.

Unregistered platforms operating in Ontario may be subject to action, including temporary orders, to ensure compliance which could affect their ongoing local business operations.

To date, six crypto asset trading platforms are registered in Ontario. The OSC continues to work with firms that initiated compliance discussions with Staff, further to its March 29, 2021 warning, and for which it is Principal Regulator, to assess the appropriate path to registration.”

As securities are regulated in Canada at the provincial level, Binance may end up being disciplined by the OSC for its recent statements.

The OSC threw down the gauntlet adding that crypto platforms that are misrepresenting their status may raise “concerns about the fitness of the firm and its principals for registration.”

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