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OSC ISSUED FINANCIAL PENALTIES ON BYBIT AND KUCOIN

OSC ISSUED FINANCIAL PENALTIES ON BYBIT AND KUCOIN

OSC Comments 

The Ontario Securities Commission, or OSC, has issued financial sanctions against Bybit and KuCoin, seeking violations of securities laws and the operation of unregistered crypto commodity trading platforms.


In a statement Wednesday, the Ontario governor said it had received orders preventing KuCoin from participating in the provincial capital markets and fining the exchange of more than $ 1.6 million. The OSC also announced that, as part of the settlement agreement, Bybit had disbursed an estimated $ 2.4 million and paid the regulator $ 7,724 as part of its investigation costs. Both companies have reportedly failed to comply with Ontario security laws, but only Bybit "responded to the OSC enforcement action, kept the dialogue open, provided the requested information, and committed to participating in the registration negotiations."


"Foreign crypto assets trading platforms that want to operate in Ontario have to play by the rules or face enforcement," said OSC Enforcement Director Jeff Kehoe.



The governing body’s move was the latest in a series of warnings and legal action taken in crypto trading that provides services to Ontario residents. In March 2021, the OSC issued a deadline for crypto companies operating in the province to register in accordance with the April securities law. According to the regulator, Bybit will "terminate its Ontario operations" if the company is unable to register.


Regulations 

Both Bybit and Kucoin have reportedly not complied with the securities regulator, which has favored hearings and other enforcement actions since June 2021. OSC has already initiated regulatory actions against crypto trading Poloniex and OKX (also known as OKEx) in a similar breach. of mortgage laws.


As of June 1, eight companies have been listed on Ontario’s crypto asset trading platforms, including Fidelity Digital Assets, Bitvo and Bitbuy.

Source: cointelegraph




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