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Ontario Regulator Takes Action Against KuCoin Trading Platforms for Violating Securities Law
The Ontario Securities Commission said the trading platform has failed to register.
Updated Sep 14, 2021, 1:07 p.m. Published Jun 8, 2021, 1:58 p.m.
The Ontario Securities Commission (OSC) has formally alleged that KuCoin trading platforms have failed to comply with the province's securities law.
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- 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.
Read more: Ontario Regulatory Agency Alleges Poloniex Violated Securities Law
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