The Ontario Securities Commission (OSC) has announced crypto exchange Binance lacks the necessary license to operate in the country.
On December 29, the platform announced it is collaborating with regulators and will resume work in the region. Binance has confirmed the statement is authentic.
The OSC called it unacceptable and stressed the exchange was “not registered in Ontario.” According to the press release:
“Binance presented a situation to OSC employees so that after December 31, 2021, there will be no new transactions involving Ontarians. Binance issued an announcement to users without any notice to OSC to waive this commitment.”
According to the watchdog, Ontario has six registered platforms for trading cryptoassets, and the agency is open to negotiate with companies that have received a warning about non-registration.