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1. #REGULATORS CANADA DOWN CRYPTO EXCHANGE BINANCE REGISTRATION#
2. #REGULATORS CANADA DOWN CRYPTO EXCHANGE BINANCE LICENSE#

Restricted Dealer (Dealer and Marketplace) Here are 5 Ontario regulated exchanges so far: Name of the exchangeīitbuy Technologies Inc. Known as “restricted dealers”, these exchanges can operate freely with the selling of cryptocurrencies. These exchanges are regulated by the Ontario Securities Commission, and opening an account is free. If you are looking to enjoy the opportunities of cryptocurrency trading on an exchange in Ontario, there are still plenty of other options, including the five options listed here. Many of the top crypto exchanges in Canada have already been approved by the OSC, including these 5 Binance alternatives we provide here. However, there are plenty of other options for Ontario residents and Canadians in general. We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users.…- Binance May 12, 2023Ĭiting unfavorable regulations regarding investor limits and stablecoins, the world's largest crypto trading platform will soon be unavailable to all Canadian users across the country. Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. Then, on May 12th of 2023, Binance rocked the Canadian crypto community with a Twitter announcement:

#REGULATORS CANADA DOWN CRYPTO EXCHANGE BINANCE LICENSE#

Those restrictions are that Ontarians are no longer able to trade on Binance and that Ontarians can’t open new accounts on the platform until Binance is registered.Īt the time of writing, the OSC has still not granted a license to Binance, which continues to be off-limits for Ontario users. They also stated there would be “no change to the restrictions that Binance put into place earlier this year for Ontario”.

#REGULATORS CANADA DOWN CRYPTO EXCHANGE BINANCE REGISTRATION#

In their press release, Binance stated that they indeed did not get approval from the OSC to allow Ontarians to keep trading, but repeated their claims that they were pursuing the registration process with the OSC.

On the same day, Binance reacted to the OSC’s press release with a press release of their own, in which they, once again, changed their position.

However, the OSC fired back with a press release that said that Binance’s statement was problematic, because the exchange was still not registered in Ontario and it couldn’t legally allow Ontarians to trade cryptocurrencies. Following this communication, the Financial Post published an article summarizing the situation titled Binance to continue Ontario operations after working with regulators. Their argument was that they started the registration process with the OSC and that their clients from Ontario could keep trading on its platform while Binance was in talks with the OSC. Then, a few days before the deadline, Binance announced to its Ontario customers that they could keep trading on the platform. In June of 2021, the OSC threatened regulatory sanctions on Binance for operating within the jurisdiction of Ontario as an unlicensed exchange, and as a result, Binance announced that all Ontarians had to clear their accounts by the end of 2021. As a result, crypto exchanges must get regulatory approval from the OSC in order to operate in the province of Ontario. As a result, regulations differ from province to province, and Ontario was the first province in Canada to come up with a regulatory framework for crypto exchanges. Unlike in the United States, where there is a federal securities regulator, there is no such thing in Canada, where securities regulations are enforced by provincial securities commissions.