cryptocurrency

Ontario Securities Commission warns unregistered stock exchanges

Ontario Securities Commission warns unregistered stock exchanges
  • The OSC imposed trade restrictions in 2021 on centralized crypto exchanges.
  • Binance announced in March of this year that it would no longer accept residents of Ontario.

A total of 13 companies, including KuCoin Producers MEK Global Limited (Seychelles) and PhoenixFin Pte. Ltd. (Singapore), recently called by Ontario Securities Commission (OSC) that they “are not registered to deal or advise on securities in Ontario.”

The OSC issued a second warning against KuCoin this month. It argues that unregistered institutions may expose key consumer concerns and urges investors to report any communication they receive from designated entities to the OSC.

working without permission

The Ontario Securities Commission (OSC) won a court order in June effectively banning KuCoin from the Ontario market and punishing it with just over $1.6 million for failing to register as a securities provider by the April 19, 2021 deadline.

South Korean regulators shut down the KuCoin website last week to operate illegally without proper permission. The OSC will impose trading restrictions in 2021 on centralized cryptocurrency exchanges including PoloniexAnd ByBit and KuCoin because they offered derivative products.

Binance, like KuCoin, missed the April local registration deadline. Binance first agreed to comply with the OSC, but by December the exchange backtracked and told Ontario users to cancel all open positions by the end of the year.

Binance announced in March of this year that it would no longer accept Ontario residents as new clients. After the authorities decided in 2021 to consider custodian exchanges as stock exchanges regardless of whether the assets in circulation were securities, a large-scale campaign for cryptocurrencies followed, including the KuCoin case. After that, the OSC began cracking down on unregistered platforms.

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