April 21, 2024

Ontario regulator accuses KuCoin of breaking the law

Ontario regulator accuses KuCoin of breaking the law

The Ontario Securities Commission (OSC) has officially stated that the KuCoin trading platform violatesprovincial securities legislation.

OSC, which controls the securities market inCanada's most populous province, accused Mek Global and PhoenixFin (owners of KuCoin) of violating Ontario securities trading rules.

The regulator said that KuCoin – an unregistered trading platform that offers Canadian users the ability to trade unregistered securities.

OSC previously warned all cryptocurrenciesplatforms on the need to bring their activities in line with regulations by April 19. Now the regulator is demanding from KuCoin a complete cessation of trading and threatening legal action and fines.

Last month, the OSC accused crypto exchange Poloniex of violating local laws. 

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