Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit – Regulation Bitcoin News

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC.

OSC 2 Cryptocurrency Exchange Platform Sanctions

The Ontario Securities Commission (OSC) on Wednesday announced the results of enforcement actions against two foreign cryptocurrency trading platforms operating within its jurisdiction.

The first is Bybit, a cryptocurrency trading platform operated by Bybit Fintech Ltd., founded in the British Virgin Islands. The other is Kucoin, which is run by Mek Global Ltd., incorporated in the Seychelles Republic and operated by Phoenixfin Pte. Ltd., established in Singapore.

“Bybit and Kucoin both operate unregistered crypto-asset trading platforms and allow Ontario investors to trade securities without a prospectus or any other waiver of requirements. of the prospectus,” the Canadian regulator explained.

Regarding Kucoin, the announcement states:

The OSC successfully obtained a permanent ban on Kucoin from the capital markets of Ontario and ordered Kucoin to pay an administrative fine of CAD $2,000,000.

Kucoin also had to pay an additional $96,550.35 CAD ($74,497) for OSC investigation costs.

As for Bybit, the regulator settled with the exchange. OSC explained that, unlike Kucoin, Bybit has responded to its enforcement action, maintaining an open dialogue, providing requested information, and committing to participating in registration discussions. .

The Canadian Securities Supervisory Authority describes:

As part of the settlement, Bybit devalued US$2,468,910 and paid an additional C$10,000 for OSC investigation costs.

“Bybit has also made a commitment to the OSC, which holds the company accountable for taking steps to bring its operations into compliance,” the regulator added. The exchange will also require existing Ontario retail investors to reduce their positions on certain restricted products.

In March last year, the OSC asked cryptocurrency trading platforms offering derivatives or securities trading in Ontario to begin registration discussions with it by April 19, 2021, or face enforcement action. The Canadian regulator noted:

Despite this warning, Bybit and Kucoin did not contact the OSC ahead of time and continued to operate in Ontario.

What do you think about OSC taking action against Bybit and Kucoin? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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