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

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...