Ontario regulator hits two crypto trading platforms with fines
BNN Bloomberg
The Ontario Securities Commission said it approved financial settlements with two cryptocurrency firms – Bybit Fintech Limited and KuCoin -- for failing to comply with the province’s securities laws.
The regulator said both companies operated unregistered crypto asset trading platforms in the province and allowed Ontario investors to trade such assets without a prospectus.
The OSC announced on Wednesday that a panel of the Capital Markets Tribunal ordered a permanent ban on KuCoin from participating in the Ontario market. The company is also required to pay a penalty of $2,000,000 and an additional $96,550.35 towards the cost of the regulator’s investigation.
The panel also approved a settlement agreement with British Virgin Islands-based Bybit that will see the crypto firm disgorge nearly US$2,500,000 and pay an extra $10,000 for investigative costs.
