HomeNewsCanadian regulator issues penalties against Bybit and KuCoin

Canadian regulator issues penalties against Bybit and KuCoin

Crypto trading platforms across the world get some scrutiny from state regulators of their respective countries. Recently, the Ontario Securities Commission (OSC) issued financial penalties to Bybit and KuCoin for violation of securities laws.

Yesterday, the Ontario regulator stated that they had obtained orders banning KuCoin from entering the province’s capital markets. In addition to that, the regulator fined KuCoin more than $1.6 million.

On the other hand, OSC announced a settlement agreement between the regulator at Bybit, disgorging about $2.4 million. Instead, the platform paid $7,724 to the regulator as part of the costs of its investigation.

According to the regulator, both firms allegedly failed to comply with Ontario securities laws. However, Bybit “responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.”

This is the reason Bybit had to pay only the costs of the investigation. OSC Director of  Enforcement Jeff Kehoe said:

“Foreign crypto-asset trading platforms that want to operate in Ontario must play by the rules or face enforcement action.”

This is not the first time the regulatory body had issued warnings or legal actions against crypto exchanges. In fact, OSC had issued a deadline in March 2021 for crypto firms operating in the province to register in compliance with securities law. All the crypto firms had to register in compliance with securities law before April.

As of 1st June, OSC has listed eight companies has registered crypto-asset trading platforms: Bitbuy, Bitvo, Coinberry, Fidelity Clearing, Netcoins Inc., CoinSmart, VirgoCX, and Weathsimple.

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