Tuesday, February 27

Canada regulator detonates Binance and denies company to be registered

A regulator in Canada detonated Binance’s operations in its province, after the brokerage announced that it would be registered in the country.

It looked like Binance’s tension with regulators would close 2021 with some truce, after months of harassment by governments in several countries. In recent days, for example, the brokerage firm has announced that it is helping the Dubai government to improve rules for the local market, with rumors that an office should be set up in this territory.

Furthermore, after receiving approval from the Central Bank of Bahrain and approval in Canada, announced on the same day, last Monday (27), it seemed that the urge to enter 2022 more calmly was a given. However, the trend reversed in the second largest country in territory in the world.

Canada Regulator Detonates Binance Announcement and Alerts Local Investors

Preparing for the turn of the year, the Ontario Securities Commission (OSC), a type of CVM in Canada, issued a market warning against Binance, the largest brokerage in terms of trading volume in the world.

The statement called “Binance is not registered in Ontario” was presented to the press, with immediate effect, last Thursday (30), days after the CEO of Binance, CZ, celebrated the approval of his company in the North American country.

No document disclosed To the public, the OSC has stated that it is issuing a warning to Toronto investors as Binance has breached an agreement that it would no longer offer trades to Toronto clients after December 31st.

To regulator of canada, which detonated the brokerage, the Binance’s posture is unacceptable.

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

No entity in the Binance group is registered in Ontario

The province of Ontario is one of the most populous in Canada, and by claiming that none of the Binance companies have registration there puts pressure on the brokerage firm, which has just announced its formal arrival in the country.

According to a statement from the OSC, if Binance companies operate at the site without registration, they may have problems.

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

The regulator recalls that it had issued an alert to brokerage firms a few months ago, and since then, only six businesses have managed to register in Ontario and are following local regulations. If Binance operates without registration, it should be included in a public list of alerts by the OSC, which already places several companies in the cryptocurrency market on this platform.

Publicly, Binance did not comment on the Ontario warning, nor did its CEO, CZ, who said only that “it is raining in Dubai”, indicating that he will spend the year in the country that has been approaching.