Canadian regulator penalizes Bybit and bans KuCoin
- June 23, 2022
- 0
The Ontario Securities Commission (OSC) banned the KuCoin bitcoin exchange and ordered Bybit to pay a fine. The latter agreed to cooperate to save the platform. The decision
The Ontario Securities Commission (OSC) banned the KuCoin bitcoin exchange and ordered Bybit to pay a fine. The latter agreed to cooperate to save the platform.
The decision was made after two trials.
The regulator fined KuCoin 2.1 million CAD ($1.6 million). Bybit will pay CAD 10,000 ($7,730) after previously accepting transfers of CAD 2.47 million ($1.9 million).
“Unlike KuCoin, Bybit has responded to OSC’s implementation steps, maintaining an open dialogue, providing requested information and committed to participating in registration discussions,” the press release said.
Recall that in March 2022, the Binance bitcoin exchange assumed obligations to the OSC to cease operations in the Canadian province.
Previously, a similar decision was made by the Bitfinex cryptocurrency exchange.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
