The Ontario Security Commission (OSC) has taken action on two crypto trading platforms. Kucoin is permanently banned from participating in Ontario’s major markets. Bybit promises to take steps to comply with the rules and register with OSC.
OSC Sanctions 2 Crypto Trading Platforms
The Ontario Securities Commission (OSC) on Wednesday announced the results of actions taken against two foreign cryptocurrency trading platforms under its jurisdiction.
The first bite is a crypto trading platform run by Bitebite Fintech Limited in the British Virgin Islands. The other is Kucoin and Phoenix Pite, operated by Mac Global Limited in the Seychelles. Ltd., Included in Singapore.
“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allow Ontario investors to trade unconditionally or unconditionally,” said the Canadian regulator.
This is what the ad says about Kucoin.
OSC successfully orders Kucoin to stay out of Ontario’s main markets and fines Kucoin CAD $ 2,000,000.
Kucoin must pay an additional CAD $ 96,550.35 ($ 74,497) for OSC diagnostic costs.
In the case of Bibit, the supervisor agreed to the exchange. OSC explained that unlike Cocoin, Bbitt responded to the enforcement action, had an open discussion, provided the requested information, and was committed to participating in registration discussions.
The Canadian Security Superintendent said:
As part of the agreement, Bybitt spent $ 2,468,910 and paid an additional CAD $ 10,000 for OSC investigation costs.
The regulator added: “Bybitt has made a commitment to the OSC.
In March last year, OSC announced that it would launch or enforce registration negotiations with cryptocurrencies in Ontario by April 19, 2021. The Canadian Superintendent announced the following.
Despite this warning, Bbitt and Cocoin did not meet the Ontario deadline in Ontario in Ontario.
What do you think about OSC taking action on Bbit and Cocoa? Let us know in the comments section below.
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