Bybit Becomes Latest Crypto Platform to Be Targeted by Canadian Securities Regulator
The action against Bybit follows a similar one the OSC took against KuCoin trading platforms earlier this month.
Jun 21, 2021 at 8:11 p.m. UTCUpdated Aug 21, 2021 at 7:05 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/D5WJMC5DUZGQ3ONZSBIPXDZTHU.jpg)
Bybit Fintech, the second-largest futures trading platform by open interest, was accused of operating an unregistered cryptocurrency trading platform in Ontario, according to a Statement of Allegations published by the Canadian province's Ontario Securities Commission.
- The regulator said Bybit is operating an unregistered crypto asset trading platform and encouraging Canadian customers to trade crypto asset products that are securities and derivatives on the platform.
- The action against Bybit follows a similar one the OSC took against KuCoin trading platforms earlier this month.
- Both actions come after the OSC issued a press release on March 29 notifying crypto asset trading platforms operating in the Canadian province that they need to bring their operations into compliance with Ontario securities law by April 19 or face potential regulatory action.
- The OSC said Bybit has yet to contact the commission to begin compliance talks.
- Potential penalties include payment of not more than $1 million in penalties for each failure to comply with Ontario securities law.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)