BINANCE ANNOUNCES CLARIFICATION AND CORRECTION TO NOTICE TO ONTARIO USERS

TORONTO, Dec. 31, 2021 /CNW/ -- Binance is issuing this news release to clarify and correct the announcement that was made to its Ontario users on December 29, 2021 and address the concerns raised in the press release issued by the Ontario Securities Commission (OSC) on December 30, 2021. 

The OSC's press release on December 30, 2021 confirmed to the public that no entity in the Binance group of companies holds any form of securities registration in Ontario and that Binance issued its notice to Ontario users without any notification to the OSC.  We confirm that both of these statements are correct.

Binance's notice was intended to communicate that Binance had 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 acknowledge and understand that this message may not have been as clear as intended and immediately sought to remedy this miscommunication.

On December 31, Binance had a constructive meeting with the OSC to explain the notice and to clarify any confusion or misunderstanding that our actions may have caused. We fully appreciate, and support, that a significant part of the mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and Binance has confirmed to the OSC its commitment to the regulatory process in Canada.

We further confirm there will be no change to the restrictions that Binance put into place earlier this year for Ontario users. The current restrictions include not permitting Ontario users to trade on the Binance platform, a prohibition from opening new accounts for Ontario residents and that Binance shall not market its services to Ontario residents. For clarity, Binance will take no actions to change its restrictions on Ontario users and will not issue any communication to Ontario users regarding the regulatory status of their account without advance consultation with the OSC.

On a going forward basis, we wish to confirm to all our Canadian users that Binance is committed to a transparent and active engagement with all of its Canadian regulators.

SOURCE Binance

Hazel Watts, [email protected]