Ontario regulator warns investors away from KuCoin

Ontario Securities Commission (OSC) published a warning for investors regarding dealing with unregistered cryptocurrency platforms. The list includes entities linked to the KuCoin exchange.

The Seychelles-based Mek Global and the Singaporean firm PhoenixFin Pte. The latter is the owner of the platform’s site.

“At OSC we […] maintain a list of warnings about companies or individuals engaged in activities that may pose a risk to investors,” the statement said.

A total of 13 companies involved with digital assets were included in the list.

Earlier in August the regulator had already issued a warning regarding the KuCoin cryptocurrency exchange itself.

In the summer of 2021 the OSC accused Mek Global and PhoenixFin Pte of non-compliance with local law. According to the Commission, KuCoin operates an unregistered platform and “encourages Ontario residents to trade crypto asset–related products that are securities and derivatives.”

Similar claims were levelled at the bitcoin exchanges OKEx and Poloniex.

In March 2022, Binance pledged to cease operations in Ontario.

Earlier, a similar decision was taken by the cryptocurrency exchange Bitfinex.

In June the OSC barred KuCoin from operating and ordered Bybit to pay a fine.

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