As a result, Bybit will temporarily seize accepting new Ontario-based users, while KuCoin has received a permanent ban.
The Ontario Securities Commission slapped cryptocurrency exchanges KuCoin and Bybit with enforcement actions, as both companies acted in contravention of local securities laws.on Wednesday , the OSC said KuCoin and Bybit operated an unregistered crypto trading platform. The regulator added that the exchanges sold securities to Ontario residents without going through the proper channel.
The Canadian watchdog said Bybit cooperated with authorities following the enforcement action, provided the necessary information, and is working towards registering the company. Bybit also reached a settlement with the OSC to pay disgorgement of $2,468,910, with another C$10,000 . Meanwhile, the crypto firm is not accepting new accounts for Ontario-based residents, offering new products to current accounts held by Ontario investors, or conducting any marketing activity targeting residents in the province.Bybit’s penalty comes a few days after the firm said it was reducing its workforce, following similar actions by“Upon the arrival of the bear market, companies globally have been affected, with many needing extensive measures to cut costs.
In addition to the ban, KuCoin has been fined an administrative penalty of C$2 million and another $96,550 for the OSC’s investigation costs. The Canadian watchdog back in March 2021 declared that crypto exchanges operating in Ontario must contact the securities regulator or risk facing enforcement action, with a deadline set at April 19, 2021.Featured Image Courtesy of The Globe and Mail
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