Ontario Securities Commission Slaps Bybit and KuCoin With Penalties
June 23, 2022
2 min
要約
A top Canadian financial regulator has slapped two cryptoexchanges, Bybit andKuCoin, with enforcement actions for failing to comply with securities laws in the Canadian province of Ontario. The Ontario Securities Commission determined that both exchanges were operatingnon-compliant platforms that allowed Ontario residents to trade unregistered securities. Bybit, which recently confirmed it was laying offemployees, cooperated with the investigation and reached a settlement agreement with theregulator. As part of theagreement, Bybit paid a nearly fine to the OSC and agreed to work with the agency to properlyregister. In themeantime, Bybit will not accept new accounts forOntario-based customers or market its services in the province. Unlike Bybit, KuCoin is accused of being uncooperative with the OSC’sinvestigation. As aresult, theSeychelles-based exchange has been permanently banned from participating in Ontario’s capitalmarkets. The OSC also hit the exchange with afine, as well as nearly in costs.
本文翻訳
A top Canadian financial regulator has slapped two crypto exchanges, Bybit and KuCoin, with enforcement actions for failing to comply with securities laws in the Canadian province of Ontario. The Ontario Securities Commission (OSC) determined that both exchanges were operating non-compliant platforms that allowed Ontario residents to trade unregistered securities. “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, in a press statement. “The outcomes announced today should serve as a clear indication that we refuse to tolerate non-compliance with Ontario securities law.” Bybit, which recently confirmed it was laying off employees, cooperated with the investigation and reached a settlement agreement with the regulator. As part of the agreement, Bybit paid a nearly C$2.5 million ($1.9 million) fine to the OSC and agreed to work with the agency to properly register. In the meantime, Bybit will not accept new accounts for Ontario-based customers or market its services in the province. Unlike Bybit, KuCoin is accused of being uncooperative with the OSC’s investigation. As a result, the Seychelles-based exchange has been permanently banned from participating in Ontario’s capital markets. The OSC also hit the exchange with a C$2 million ($1.5 million) fine, as well as nearly C$100,000 ($77,000) in investigation-related costs. The enforcement actions come over a year after the OSC told exchanges operating in Ontario that they “must contact the OSC or face enforcement action.” By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.