Penalty from Ontario Securities Commission: KuCoin Cannot Operate Permanently

The Ontario Securities Commission (OSC) has penalized KuCoin and Bybit, the largest cryptocurrency exchanges.

According to the official statement made by the institution Ontario Securities Commission, Permanently allow KuCoin to operate in Ontario. banned and 2 million Canadian dollars punished him.

OSC stated that KuCoin does not comply with any sanctions, and Bybit, unlike KuCoin, that you answered told. OSC, stating that an agreement has been reached with Bybit, harmonize their activities from the company to make $2.5 million commitment took.

For people residing in Bybit, Ontario under agreement won’t be able to accept new account and Ontario investors will not be able to introduce new products. Also Bybitfutures and margin will have to remove transactions from its platform.

In case of any breach, OSC shall control all Bybit’s operations. will be permanently banned.

Jeff Kehoe, Director of the Ontario Securities Commission, made the following statements on the subject:

Foreign cryptocurrency exchanges wishing to operate in Ontario must comply with the rules here or face sanctions. The decisions we announced today show that we do not tolerate those who do not comply with securities law.

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