Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada
The Logic via FP | Claire Brownell | Jan 11, 2022
Binance, the world’s largest cryptocurrency-trading platform by volume, has registered three new corporate entities in Calgary and hired two senior employees with experience working for Canadian securities regulators as it seeks to comply with the country’s rules.
Binance, the world’s largest cryptocurrency-trading platform by volume, has registered three new corporate entities in Calgary and hired two senior employees with experience working for Canadian securities regulators as it seeks to comply with the country’s rules.Binance, the world’s largest cryptocurrency-trading platform by volume, is looking to Canada’s West as it changes course and seeks registration with securities regulators after announcing in June its high-profile exit from Ontario amidst a crackdown. The company has made two high-level hires with experience working at Canadian securities regulators and has seven active job postings in Canada, including one for a junior regulatory analyst and another for fraud and risk operations.
See: OSC to Binance Investors ‘Not So Fast’: Binance Canada Receives License to Operate as Money Service Business
Lawrence Truong, former chief compliance officer of Toronto-based cryptocurrency-trading platform Coinsquare and a former regulatory analyst at the Alberta Securities Commission (ASC), is Binance’s new vice-president and general manager of Canada. Darren Gross, now Binance’s compliance director based in Calgary, has worked as enforcement counsel at the ASC as well as at the Investment Industry Regulatory Organization of Canada (IIROC).
By incorporating in Alberta, Binance has two options, Burgoyne said—seeking full registration as a securities dealer directly through IIROC, or going through the ASC for permission to operate as a restricted dealer first while it seeks full registration. Had it incorporated in Ontario, Binance would have had to deal with the OSC as its principal contact for registration.
“Maybe there’s a perception that Alberta might be a more receptive province to be regulated by versus Ontario,” Burgoyne said.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
- Ask An Investor: Where Should I Incorporate My Startup?
- An In-Depth Guide To Finance Automation
- The Most Common Dryer Issues and How to Address Them
- How to Buy Stocks: A Beginner’s Guide
- To Support Disruptive Technologies, Take Bigness Seriously
- Amazon’s Biometric ‘Pay-by-Palm’ Technology (Amazon One) is Rolling Out to All Whole Foods Stores by End of Year
Leave a Reply