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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.

Toronto
Toronto

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

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.

Tanzeel Akhtar