Is Bybit and KuCoin legal in Canada
The Ontario Securities Commission or OSC has taken strict action against Bybit and KuCoin, two of the biggest cryptocurrency exchanges in the world. The Canadian regulatory authority has issued financial penalties against the two firms.
OSC holds exchanges accountable
According to the official news release from the OSC, Bybit, and KuCoin have been held accountable for violation of securities laws and operating unregistered crypto asset trading platforms. The Canadian authority believes that "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."
"Foreign crypto asset trading platforms that want to operate in Ontario must play by the rules or face enforcement action," said Jeff Kehoe, Director of Enforcement at the OSC. "The outcomes announced today should serve as a clear indication that we refuse to tolerate non-compliance with Ontario securities law."The press statement from the regulator revealed that KuCoin has been fined more than $1.6 million and is now banned from participating in the province's capital markets.
On the other hand, the OSC fined Bybit over $2.4 million and the exchange paid the regulator $7,724 as a part of investigation costs. Interestingly, while both the firms were accused, only Bybit "responded to the OSC's enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions."
Strict actions
The OSC recently asked the Royal Canadian Mounted Police or Mounties to take action against CEOs of Coinbase and Kraken who tweeted against the activities going on in Canada. According to the regulatory authority, CEOs of Coinbase and Kraken "appeared to offer advice on how crypto users could evade emergency restrictions on funding for the protests roiling the country."
Bybit cooperated with the OSC, agreeing to a settlement that includes a disgorgement of USD $2.47 million and a CAD $10,000 investigation fee. Bybit has committed to comply with Ontario’s laws, halt new account creation, and limit services for Ontario residents while registration discussions are ongoing.
KuCoin, on the other hand, did not cooperate, resulting in a CAD $2 million penalty and a permanent market participation ban in Ontario.
The OSC continues to enforce compliance and encourages investors to verify the registration of any crypto trading platforms operating in Ontario.
100% Success Money Back Guarantee
If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Take your next step towards crypto success
$799/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
What’s included in Pro:
Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
Our latest memecoins pick with 50X potential
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the success guarantee work?
If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Recommended from Cryptonary
