Bybit and Kucoin are subject to sanctions in Canada

OSC closes investigation into Bybit and Kucoin and fines exchanges for operating without a license
  • OSC Completes Bybit and Kucoin Investigation
  • Both exchanges are required to pay a hefty fine for trading “crypto” without a license
  • But Bybit was allowed to continue operating while Kucoin exits the market

The Ontario Securities Commissions (OSC) accuses Bybit and Kucoin of failing to comply with regulatory requirements for derivatives trading. Yesterday, June 22, the regulator published its decision on this case.

OSC has shown interest in the activities of these exchanges in March last year. Bybit and Kucoin were accused of trading derivatives without a license, as well as using unregistered platforms to sell crypto assets.

After several months of proceedings, the parties came to a unanimous decision. The regulator fined Kucoin more than $1.6 million. The exchange refused to cooperate and go through the licensing procedure, after which it was blocked.

Kucoin will no longer register Canadian user accounts or provide its services to them. Investors should contact the administration for clarification regarding the timing of the withdrawal of funds.

Bybit agreed to further cooperation. The OSC noted that the company went to an open dialogue and agreed to pay the fine in full.

The exchange handed over to the department $2.4 million in recovery, as well as about $8,000 in fees. She will return to work after receiving a license to trade crypto assets.

Earlier, we reported that Coincub updated the rating of crypto-friendly countries. Canada is still in the top ten.

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