The Ontario Securities Commission, or OSC, is taking stern action against two firms related to KuCoin for allegedly failing to adjust to native securities legal guidelines, setting the stage for additional regulatory action against the cryptocurrency platform.
The firms focused by the OSC are Seychelles-based Mek Global Limited and Singapore-based PhoenixFin Pte.
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Ltd. Collectively, the businesses function KuCoin, one of many world’s fastest-growing cryptocurrency exchanges. As of Tuesday, KuCoin had processed greater than $1.three billion value of crypto transactions over the earlier 24 hours, in keeping with business information. That places it within the 35th place globally amongst cryptocurrency exchanges.
“KuCoin is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives,” an announcement from OSC reads.
The securities regulator beforehand warned cryptocurrency exchanges against providing derivatives buying and selling — particularly, that they have to search regulatory approval from the OSC or face penalties. Exchanges got till April 19 to convey their operations into compliance.
As Cointelegraph beforehand reported, the OSC has already taken regulatory action against Polo Digital Assets, the mum or dad firm of Poloniex, for allegedly failing to adjust to Ontario securities legal guidelines. Like KuCoin, Poloniex allegedly did not contact the securities regulator by the April 19 deadline.
Ontario has turn out to be a hotbed for cryptocurrency exercise in latest months. The jurisdiction is now dwelling to North America’s first Bitcoin (BTC) exchange-traded funds. The debut Purpose Investments ETF secured $1.3 billion in assets under management throughout its first two months of operation, highlighting pent-up demand for digital property.
Evolve Funds Group launched Ontario’s second Bitcoin ETF in February, providing direct publicity to Canadian dollar- and U.S. dollar-denominated items of BTC.