Canadian regulator takes enforcement actions against Bybit and Kucoin
The Ontario Securities Commission, or OSC, issued financial penalties against Bybit and Kucoin, claiming violations of securities laws and operating unregistered crypto asset trading platforms.
In a Wednesday announcement, the Ontario regulator said it had obtained orders fining Kucoin more than $1.6 million and banning the exchange from participating in the province’s capital markets. In a separate decision, the OSC announced that Bybit had disgorged roughly $2.4 million and paid the regulator $7,724 as part of the costs of its investigation. Both firms allegedly failed to comply with Ontario securities laws, but only Bybit “responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.”