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.
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