Ontario Securities Commission Warns Investors About Unregistered Firms

KuCoin and its affiliates are on a list of unregistered cryptocurrency companies operating under the OSC’s jurisdiction. Despite having limited prospects of recovering fines or executing court judgments, the Ontario Securities Commission (OSC) has been vigorously cracking down on unregistered cryptocurrency exchanges. The Securities regulators sent a cease-and-desist letter to cryptocurrency exchanges with offices in Singapore and Seychelles last year. Unregistered Companies Operating In OSC’s Jurisdiction KuCoin and its affiliates are on a list of unregistered cryptocurrency companies operating in the OSC’s jurisdiction that the regulator just disclosed. Authorities requested registration from cryptocurrency trading platforms that provide services for securities and derivatives last year. Although KuCoin and Bybit missed the deadline, they continued to operate without contacting the OSC. The Ontario Securities Commission (OSC) also declared KuCoin and Bybit permanently banned from the market in June. Bybit responded by reaching an agreement on a settlement with the OSC. Bybit responded to enforcement actions and gave authorities the pertinent data. KuCoin Permanently Barred From The Ontario Market On the other side, KuCoin was permanently barred from the Ontario market after failing to respond to regulatory measures. The exchange also received a $2 million penalty charge and an additional $96,550 in costs related to the probe...