The Ontario Securities Commission (OSC) has issued a warning to investors about dealing with unregistered cryptocurrency platforms. The list includes companies associated with the KuCoin exchange.

These are Seychelles-based Mek Global and Singapore-based PhoenixFin Pte. The latter is the owner of the platform site.

“We at OSC […] Keep a list of warnings about companies or individuals engaged in activities that may pose a risk to investors.

The list includes 13 companies associated with digital assets.

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

In the summer of 2021, OSC accused Mek Global and PhoenixFin Pte of not complying with local laws. According to the commission, KuCoin operates an unregistered platform and “encourages residents of Ontario to trade crypto-related products, which are securities and derivative financial instruments.”

The regulator made similar claims to the OKEx and Poloniex bitcoin exchanges.

Recall that in March 2022, Binance committed to the OSC to cease operations in the Canadian province.

Previously, a similar decision was made by the Bitfinex cryptocurrency exchange.

In June, OSC banned KuCoin and ordered Bybit to pay a fine.

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