'Despite this warning, Bybit and Kucoin did not contact the OSC by the deadline and continued operations in Ontario,' said the regulator. cryptocurrency crypto
The Ontario Securities Commission 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.The Ontario Securities Commission announced Wednesday the outcome of enforcement actions against two foreign cryptocurrency trading platforms operating in its jurisdiction.
“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allowed Ontario investors to trade securities without a prospectus or any exemption from the prospectus requirements,” the Canadian regulator explained.The OSC successfully obtained orders permanently banning Kucoin from participating in Ontario’s capital markets and requiring Kucoin to pay an administrative penalty of CAD $2,000,000.As for Bybit, the regulator settled with the exchange.
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