Author Topic: Canadian regulator takes action against cryptocurrency exchange KuCoin  (Read 283 times)

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Ontario Securities Commission (OSC), crypto currency were reported exchanges KuCoin that comply with the province's securities laws.

OSC, an institution that oversees the financial markets in Canada's largest city by population, has examined the official companies Tek Global Limited and PhoenixFin Pte Ltd., which represent KuCoin. The agency claimed that KuCoin operates an unregistered crypto-asset trading platform and encourages Canadians to buy and sell securities and derivatives on the platform.

OSC announced that it has given the platforms additional time until April 19, 2021 to discuss how they can harmonize their operations, and despite the warnings, KuCoin has not contacted OSC.

OSC's enforcement personnel asked the commission to impose an order on KuCoin to cease trading in securities, and an administrative fine of $1 million, in addition to reimbursement of investigation costs.

OSC made a similar move last month against Polo Digital Assets Ltd., which operates as Poloniex.