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Usha Yadav
Jun 23, 2022
by Usha Yadav

Ontario Securities Commission (OSC) Issues Penalties for Bybit, KuCoin

OSC ByBit KuCoin

Table of contents

  1. Bybit Laid Off Employees
  2. KuCoin Being Uncooperative
Two cryptocurrency exchanges, Bybit and KuCoin, have been issued enforcement measures by a prominent Canadian financial regulator for breaking securities regulations in the country's province of Ontario. Both exchanges were operating non-compliant platforms that permitted residents of Ontario to trade unregistered securities, according to the Ontario Securities Commission (OSC).
Jeff Kehoe, Director of Enforcement at the OSC, said in a press statement, "The outcomes announced today should indicate that we refuse to tolerate non-compliance with Ontario securities law."

Bybit Laid Off Employees

Bybit, which recently announced it was terminating staff, assisted with the inquiry and came to a deal with the regulatory body. Bybit decided to cooperate with the OSC to complete the registration process in exchange for paying the organization a fine of around C$2.5 million ($1.9 million). Bybit won't be advertising its services in Ontario or accepting new accounts from residents of the province in the meantime.

KuCoin Being Uncooperative

KuCoin, as opposed to Bybit, is alleged to have been uncooperative with the OSC's probe. The Seychelles-based exchange has thus been permanently barred from taking part in the stock markets of Ontario. A C$2 million ($1.5 million) fine and about C$100,000 ($77,000) in costs associated with the investigation were also levied on the exchange by the OSC. Over a year ago, the OSC warned exchanges operating in Ontario that they "must contact the OSC or face enforcement action." Now, the OSC has imposed penalties. Bybit and KuCoin failed to get in touch with the organization by the deadline of April 19, 2021, according to the OSC.

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KuCoin Bybit Ontario Securities Commission
Ontario Securities Commission (OSC) Issues Penalties for Bybit, KuCoin
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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