Ontario Regulator Takes Action Against KuCoin Trading Platforms for Violating Securities Law
8 Jun, 2021•1 min read•Regulation
A Canadian provincial regulatory body, the Ontario Securities Commission (OSC), said it has taken action against KuCoin trading platforms for failing to comply with its securities law.
The OSC, which oversees the management and enforcement of securities in Canada’s most populous province, filed a Statement of Allegations that KuCoin firms Mek Global Limited and PhoenixFin Pte Ltd have failed to comply with Ontario securities law. The regulator said KuCoin is operating an unregistered crypto asset trading platform and encouraging Canadian users to use the platform to trade crypto asset products that are securities and derivatives. The OSC said it had warned all crypto asset trading platforms offering to trade in derivatives or securities in Ontario that they must contact its staff or face potential regulatory action. Crypto trading platforms were given until April 19 to bring their operations as a dealer or marketplace into compliance. KuCoin did not contact the OSC, said the regulatory body.