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Poloniex to be held accountable for disregarding securities law
Canada is one of the most cryptocurrency-friendly countries in North America. The country has approved cryptocurrency exchange-traded funds (ETFs) and seems to have strong regulations guiding the sector. As such, crypto companies operating in the country need to abide by these regulations.The Ontario Securities Commission (OSC) has now accused cryptocurrency exchange Poloniex of violating some of its securities laws. The regulatory agency filed a statement yesterday alleging that the crypto exchange doesn't abide by some of the securities law. Per the filing, the OSC wants to hold Poloniex accountable for disregarding Ontario securities law. The regulatory agency also wants to show crypto assets trading platforms violating Ontario securities law that they will face regulatory action.
The OSC said, "Poloniex operates an online crypto asset trading platform (the Poloniex Platform). The Poloniex Platform is available to Ontario residents. Ontario residents have opened accounts on the Poloniex Platform and have used the platform to deposit and trade in crypto asset products. Poloniex is subject to Ontario securities law because crypto asset products offered on the Poloniex Platform are securities and derivatives. Poloniex has nonetheless failed to comply with the registration and prospectus requirements under Ontario securities law."
Poloniex serving as a third-party asset holder
The regulatory agency said Poloniex's crime isn't issuing a security in the form of an initial coin offering (ICO). Rather, the exchange is accused of holding assets in custody, making it a third-party custodian. According to the OSC, assets held in custody on a trading platform are regarded as securities.The OSC argued that investors don't have possession or control of the crypto assets deposited on Poloniex. Instead, they are shown a crypto asset balance displayed in their account on the exchange. "In order to take possession of crypto assets reflected in their Poloniex account balance, an investor must request a withdrawal and is dependent on Poloniex," the OSC added. Hence, the regulatory agency said Poloniex is not facilitating cryptocurrency trading to its investors but providing them with instruments or contracts involving cryptocurrencies. These contracts and instruments are securities and derivatives in Canada.
Canada has been one of the cryptocurrency-friendly countries in the world. The country is the first in North America to approve Bitcoin and Ether ETFs.
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