Binance, the biggest cryptocurrency exchange by trading volume, will continue operating in Ontario after successful cooperation with Canadian regulators, the company announced yesterday.
Binance was going to pull out of Ontario by the end of the year
In June, Binance had told users it would be pulling out of the most populated Canadian province after the Ontario Securities Commission (OSC) took action against other crypto exchanges on allegations of non-compliance. The exchange had said Ontario users should close their accounts by December 31 of this year.
The exchange reported:
As a result of ongoing and positive cooperation with Canadian regulators, Binance in Canada has been successful in taking its first steps on the regulatory path by registering in Canada as a Money Services Business with FINTRAC. This registration allows us to continue our operations in Canada and resume business in Ontario while we pursue full registration.
Regulator attacks Bybit, Poloniex, KuCoin
Binance’s withdrawal followed publication of allegations against Bybit by the OSC, which had issued statements of allegations against Poloniex and KuCoin the previous month. At the end of March, the OSC warned crypto exchanges that they had to contact OSC staff if they wanted to keep operating in the province. In the absence of such contact, they would face potential regulatory action.
At the time, Binance didn’t comment whether they had reached out to the OSC. A company representative said:
We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.
Binance keen on compliance
After regulators worldwide cracked down on Binance, the exchange began making compliance efforts. The UK and Japan are among the countries that have warned the exchange it’s not authorized to operate on their territories.
In related news, Binance recently received approval from Bahrain to become a crypto-asset service provider. CEO of Binance Changpeng Zhao said:
The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.
Bahrain seeks to cement its crypto industry
Bahrain’s central bank issued Binance an in-principal approval to embark with its crypto-asset services. The company, however, is not through with the application for a license. Once done, Bahrain will become the first Middle Eastern-North African (MENA) country to approve a Binance entity.
