Canada Took Enforcement Actions Against KuCoin and Bybit

by in Cryptocurrency News

Ontario Securities Commission crypto

Canadian monetary authority OSC (Ontario Securities Commission) published a release saying digital asset exchange platforms Bybit and KuCoin haven't complied with the securities laws. According to the publication, the platforms were not compliant with laws as they enabled Canadian residents to trade securities that were not registered.

Related: Canada’s CB Says Regulators Need to Keep Up with the Crypto Growth

In another document, the Capital Markets Tribunal ordered monetary functions and a permanent market participation ban against KuCoin for failing to meet compliance.

Director of Enforcement Jeff Kehoe stated that regulators won’t put up with non-compliance. OSC ordered permanently ban KuCoin from taking part in Ontario’s capital markets and required the company to pay a penalty of $2000 Canadian dollars and another $96,550.35 towards the expenses of the OSC’s investigation.

The agency mentioned, unlike KuCoin, Bybit held an open dialogue providing the requested information and also committing to engage in regulatory discussions. Bybit was fined $2,468,910 and paid a further CAD $10,000 towards the cost of the OSC’s investigation.

Both KuCoin and Bybit are among the top platforms for crypto trading. According to data from CoinMarketCap, KuCoin ranks the fifth and Bybit the twentieth among crypto exchanges.