OSC or The Ontario Securities Commission in Canada come with new rules

OSC Director of Enforcement, Jeff Kehoe give a statement

He said here is a rule that should be followed

No one can run everything as they want

Furthermore, OSC issued financial penalties against Bybit and KuCoin

Claiming violation of securities laws

And also operating unregistered crypto asset trading platforms.

The OSC said;

“Bybit responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions,”

A moment ago, the Ontario regulator give announcement

They claim that they obtained orders banning KuCoin

Ban from participating in the province’s capital markets

And fining the exchange for more than $1.6 million.

The OSC also announced that as part of a settlement agreement,

As a result, Bybit disgorged roughly $2.4 million

And paid the regulator $7,724 as part of the costs of its investigation.

Both firms allegedly failed to comply with Ontario securities laws,

Unfortunately, only Bybit that come up to give a response

They responded to the OSC’s enforcement action,

Maintained an open dialogue, provided requested information,

And also committed to engaging in registration discussions.

Previously, The OSC had already initiated regulatory actions

It is against crypto exchanges Poloniex

And OKX (formerly known as OKEx)

It is for similar violations of securities laws.

Both Bybit and Kucoin allegedly did not comply with the securities regulator,

Prompting hearings and other enforcement actions starting in June 2021.

Moreover, as everybody knows on June 1 in Ontario,

There are 8 companies are listed as registered crypto asset trading platforms

Including Fidelity Digital Assets, Bitvo and Bitbuy.