The Ontario Securities Commission said it reached a settlement with British Virgin Islands-incorporated Bybit for more than US$2.4 million in disgorgement and fees, and secured a fine of roughly $2.1 million from Singapore-incorporated KuCoin. Both were operating unregistered crypto exchanges in Ontario. (The Logic)
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The Ontario Securities Commission said it reached a settlement with British Virgin Islands-incorporated Bybit for more than US$2.4 million in disgorgement and fees, and secured a fine of roughly $2.1 million from Singapore-incorporated KuCoin. Both were operating unregistered crypto exchanges in Ontario. (The Logic)
Talking point: Kucoin is now permanently banned from Ontario’s capital markets, while Bybit, which cooperated with the OSC’s investigation, has made a legally binding commitment to bring its operations in compliance with regulations. “The outcomes announced today should serve as a clear indication that we refuse to tolerate non-compliance with Ontario securities law,” said OSC director of enforcement Jeff Kehoe. The OSC’s announcement is the first time it has disclosed financial penalties or settlement money secured as a result of an enforcement action against unregistered crypto exchanges. It cracked down on the sector last year as the number of unregulated crypto exchanges operating in Canada grew.
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