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Ontario Regulatory Agency Alleges Poloniex Violated Securities Law
The Ontario Securities Commission says the Seychelle Islands-based trading platform did not register as an exchange.
The regulatory agency that oversees the management and enforcement of securities in Canada’s most populated province filed a Statement of Allegations against cryptocurrency exchange company Poloniex for violating Ontario securities law.
STORY CONTINUES BELOW
- The Ontario Securities Commission (OSC) alleged that Poloniex, which is based in the Seychelle Islands, has not registered as a crypto asset trading platform.
- On March 29, the OSC had warned exchanges that trade securities and derivatives in the province they had “to contact OSC staff or face potential regulatory action,” the OSC said in a press release.
- The OSC set an April 19, 2021, deadline for exchanges to comply with the registration requirement. The agency also determined that exchanges accessible to consumers were subject to securities regulation.
- More than 70 exchanges have held compliance discussions with the regulators with most of them foreign. Poloniex was not among those exchanges to register.
- The OSC is collecting and assessing information from exchanges that have begun the regulatory discussions “to assess the appropriate path to registration,” including deadlines for filing “key documents,” the press release said.
- The agency said it will “continue to take action” against non-compliant exchanges.
Read more: State of Crypto: The IRS Sets Its Sights on Circle
James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
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