The Ontario Securities Commission alleges that the Seychelles-incorporated company is allowing Ontario residents to trade crypto assets that are securities and derivatives. The OSC is seeking monetary penalties, a ban on registering as a securities dealer and a cessation of trading. (The Logic)
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The Ontario Securities Commission alleges that the Seychelles-incorporated company is allowing Ontario residents to trade crypto assets that are securities and derivatives. The OSC is seeking monetary penalties, a ban on registering as a securities dealer and a cessation of trading. (The Logic)
Talking point: This is the first enforcement action by a Canadian securities regulator against a cryptocurrency-trading platform. It comes more than a year after the Canadian Securities Administrators asserted jurisdiction over the sector, and about two months after the OSC gave exchanges a deadline to start the compliance process. In a release, the OSC said more than 70 platforms have started compliance discussions with Canadian securities regulators, with more than a quarter of those based outside the country. The OSC alleges Poloniex did not contact the regulator. Poloniex did not immediately respond to a request for comment.
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