Ontario Regulator Takes Action Against KuCoin Trading Platforms for Violating Securities Law
The Ontario Securities Commission said the trading platform has failed to register.
The Ontario Securities Commission (OSC) has formally alleged that KuCoin trading platforms have failed to comply with the province's 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 customers to trade crypto asset products that are securities and derivatives on the platform.
- The OSC said it had warned all crypto asset trading platforms offering trading 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, the regulatory body said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.