Kiffmeister’s #Fintech Daily Digest (12/31/2021)

Binance Rebuked by Ontario With Registration Still Pending

Binance was reprimanded by the Ontario Securities Commission (OSC) for telling users of its crypto trading platform that it was allowed to continue operations in Canada when it still lacks a registration to do so. In June Binance had told OSC Staff that no new transactions involving Ontario residents would occur after December 31, 2021. However, on December 29 it told users, without notifying the OSC, that it was rescinding this commitment on the basis of its recent registration with FINTRAC, the Canadian AML-CFT regulator (i.e., not a securities regulator). After saying this move was “unacceptable” the OSC notice warned that “crypto-asset platforms that have or will be applying for registration with securities regulators should be aware that misrepresenting their registration status raises concerns about the fitness of the firm and its principals for registration.” [Read more]

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