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.