BINANCE ANNOUNCES CLARIFICATION AND CORRECTION TO ONTARIO USER NOTICE
TORONTO, December 31, 2021 / CNW / – Binance is issuing this press release to clarify and correct the announcement that was made to its Ontario users on December 29, 2021 and respond to concerns raised in the press release issued by the Ontario Securities Commission (OSC) on December 30, 2021.
The OSC press release on December 30, 2021 confirmed to the public that no entity of the Binance group of companies holds any form of securities registration in Ontario and that Binance has issued its notice to Ontario users without notification to the OSC. We confirm that both of these statements are correct.
Binance’s notice was to communicate that Binance has decided to actively pursue registration in Canada and that Ontario users would not be required to close or liquidate their accounts on December 31, 2021. We recognize and understand that this post may not have been as clear as expected and immediately sought to remedy this miscommunication.
At the 31st of December, Binance had a constructive meeting with the CSO to explain the notice and clarify any confusion or misunderstanding our actions may have caused. We fully appreciate and support that an important part of the CSO’s mandate is to protect investors from unfair, inappropriate or fraudulent practices and Binance has confirmed to the CSO its commitment to the regulatory process by Canada.
We further confirm that there will be no changes to the restrictions Binance put in place earlier this year for Ontario users. Current restrictions include the ban on Ontario users to trade on the Binance platform, a ban on opening new accounts for Ontario residents and that Binance will not market its services to Ontario residents. For clarity, Binance will not take any action to change its restrictions on Ontario users and will not send any communication to Ontario users regarding the regulatory status of their account without prior consultation with the OSC.
Going forward, we would like to confirm to all of our Canadian users that Binance is committed to transparent and active engagement with all of its Canadian regulators.
For more information: Hazel Watts, [email protected]