Regulators said Binance was not listed with the Securities and Exchange Commission of Ontario.

The Ontario Securities Commission (OSC) warned investors in a statement that Binance is not listed under the Ontario Securities Act.

"This means that they do not have the authority to supply commercial or secular products to individuals or local businesses," the statement said.

The OSC announcement comes after Binance users in Ontario received an email earlier this week indicating that the exchange may continue to operate in Canada's most populous region.

“Through our continued cooperation with Canadian regulators,” Binance said, “Canada's Binance has taken the first step of its administration in becoming a profitable service provider with FinTrac.”

“Ontario users do not have to close their accounts before December 31, 2021,” the exchange added.

Reports received by Binance Ontario users appear to be from the Canadian exchange services firm, which registered a financial services firm with FinTrac, a financial protection agency. , last week.