Ontario Regulator Takes Action Against KuCoin Trading Platforms for Violating Securities Law

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.

Read more: Ontario Regulatory Agency Alleges Poloniex Violated Securities Law