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Seeking Alpha 2022-06-22 20:53:58

Bybit, KuCoin get hit with enforcement actions by Canada's financial watching

Cryptocurrency exchanges Bybit and KuCoin (KCS-USD) on Thursday have gotten hit with enforcement actions by Canada's financial regulator. The Ontario Securities Commission ("OSC") said both exchanges operate unregistered crypto trading platforms and allowed Ontario-based speculators 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 statement Wednesday. “The outcomes announced today should serve as a clear indication that we refuse to tolerate non-compliance with Ontario securities law.” ByBit, in particular, has agreed to pay a fine of C$2.5M ($1.9M) to the securities agency, as well as engaging in registration talks, the release said. From here on out, the company will not accept new accounts for those residing in Ontario nor market its services in the Canadian province. For KuCoin, though, the OSC has banned the exchange

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