Share this article
Bybit Becomes Latest Crypto Platform to Be Targeted by Canadian Securities Regulator
The action against Bybit follows a similar one the OSC took against KuCoin trading platforms earlier this month.
Updated Sep 14, 2021, 1:14 p.m. Published Jun 21, 2021, 8:11 p.m.
Make us preferred on Google
Bybit Fintech, the second-largest futures trading platform by open interest, was accused of operating an unregistered cryptocurrency trading platform in Ontario, according to a Statement of Allegations published by the Canadian province's Ontario Securities Commission.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The regulator said Bybit 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 action against Bybit follows a similar one the OSC took against KuCoin trading platforms earlier this month.
- Both actions come after the OSC issued a press release on March 29 notifying crypto asset trading platforms operating in the Canadian province that they need to bring their operations into compliance with Ontario securities law by April 19 or face potential regulatory action.
- The OSC said Bybit has yet to contact the commission to begin compliance talks.
- Potential penalties include payment of not more than $1 million in penalties for each failure to comply with Ontario securities law.
Read more: Bybit Climbs Past CME to Become Second-Largest Bitcoin Futures Exchange
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
BNB rises 2.5%, nears $900 mark as prediction market growth signals utility expansion
A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options.
What to know:
- BNB token climbed 2.5% to $89e, approaching the $900 resistance level, with increased trading volume suggesting fresh buying interest.
- A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options like Grayscale's pending ETF filing.
- BNB Chain saw significant growth in prediction markets, with platforms like Opinion Labs logging over $700 million in 7-day trading volume and cumulative trading volumes crossing $20 billion.
Top Stories
