Canadian regulator fines Bybit and bans KuCoin activity
Ontario Securities Commission (OSC) запретила the operation of the KuСoin bitcoin exchange and обязала Bybit to pay a fine. The latter agreed to cooperate to register the platform.
The decision was made following two court proceedings.
The regulator fined KuСoin CAD 2.1 million ($1.6 million). Bybit will pay CAD 10,000 ($7,730), after having previously agreed to transfer CAD 2.47 million ($1.9 million).
“Unlike KuCoin, Bybit responded to enforcement steps by the OSC, maintained an open dialogue, provided the requested information and committed to participating in discussions on registration,” the press release says.
A Bybit spokesperson told ForkLog that the platform is negotiating to register with the OSC. During the discussions the company undertook not to open new accounts for Ontario residents and not to offer new products to existing clients.
If negotiations fail, Bybit will cease its operations in the region.
In March 2022, the bitcoin exchange Binance взяла на себя обязательства to cease operations in the Canadian province of Ontario.
Earlier, a similar decision was taken by the cryptocurrency exchange Bitfinex.
Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.
Рассылки ForkLog: держите руку на пульсе биткоин-индустрии!