Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Binance agrees to end operations in Ontario; OSC Publishes Binance’s Undertaking Statement
OSC | March 17. 2022
TORONTO – The Ontario Securities Commission (OSC) today published an undertaking given by Binance Holdings Limited and Binance Canada Capital Markets Inc. (together, Binance), which holds these entities accountable for taking steps to address concerns arising from recent events.
In 2021, Binance publicly announced its intention to withdraw its services from Ontario. However, on December 29, 2021, Binance falsely notified investors that it was allowed to continue its operations in Ontario. These events resulted in the OSC issuing an announcement on December 30, 2021 to confirm that no entity in the Binance group of companies holds any form of securities registration in Ontario. This continues to be the case.
See: Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada
Further, Binance subsequently confirmed to OSC Staff and advised Ontario investors that trading restrictions were in place for Ontario accounts on the Binance platform, whereas at the time Ontario investors were in fact able to continue to trade.
In the undertaking, Binance confirms that activities involving Ontario residents have ceased, apart from certain permitted actions to protect investors. Additionally, Binance commits that it will continue to prevent any activities involving Ontario residents, apart from these permitted actions, and to provide fee waivers and offer fee reimbursements to certain Ontario users.
Binance undertakes to maintain these restrictions until further notice to Binance by the OSC.
This undertaking represents a legally enforceable commitment by Binance to the OSC. The OSC reserves the right to take enforcement action against Binance for any past, present or future breaches of Ontario securities law not arising from the events described in the undertaking.
On March 29, 2021, the OSC communicated to crypto asset trading platforms that they must contact Staff to initiate the registration process, or face enforcement action. The OSC continues to work with firms (for which it is Principal Regulator) that initiated compliance discussions with Staff to assess the appropriate path to registration in Ontario.
See: OSC to Binance Investors ‘Not So Fast’: Binance Canada Receives License to Operate as Money Service Business
To date, six crypto asset trading platforms are registered in Ontario. These platforms are listed on the Registered Crypto Asset Trading Platforms page on the OSC’s website.
View the original release --> here
Bloomberg | Mar 17, 2022
The Ontario Securities Commission says cryptocurrency exchange Binance has agreed to stop facilitating trades for Ontario account holders, after making similar promises last year but continuing to operate in the country.
The new promise was made in an undertaking with the regulator on Wednesday and is legally enforceable.
The OSC says Binance was still allowing Ontario investors to continue to trade and had advertised the service was still available in tweets.
Continue to the full article --> here
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