Ontario regulator accuses Bybit of securities-law violations
The Ontario Securities Commission (OSC) has accused the cryptocurrency exchange Bybit of violating local securities laws.
According to the release, Bybit’s digital-asset trading activities are unregistered and “encourages Ontario residents to trade crypto-asset-linked products that are securities and derivatives.”
On March 29, the regulator said that Bybit’s digital-asset trading must register as an investment dealer. By April 19 they were required to contact the OSC to avoid potential enforcement action.
The regulator said they had not received a response from Bybit. A hearing on the case is scheduled for July 15. The company faces substantial fines and other penalties, up to a temporary or permanent ban on trading securities.
Bybit representatives told ForkLog that regulatory compliance is one of the company’s top priorities.
“We have engaged counsel and will discuss this matter with Ontario regulators,” Bybit said.
In June the regulator brought similar charges against companies linked to the KuCoin trading platform.
Earlier in May, the OSC filed suit against the Bitcoin exchange Poloniex, accusing it of unregistered trading of securities and derivatives.
soa_20210621_bybit by ForkLog on Scribd
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