The Ontario Securities Commission (OSC) today issued a Warning Flagging 13 companies, including Seychelles-based MEK Global Ltd and Singapore-incorporated Phoenixfin Pte, that are “not registered to deal or advise in securities in Ontario”. Ltd., both of which collectively make up Kucoin.
OSC Has New Warning Against Kucoin second this month, It also asks investors to report any approaches by flagged firms to the OSC, arguing that unregistered companies can pose significant consumer risk.
In a courtroom victory in June, OSC successfully barred Kucoin from operating in Ontario and fined it $1.6 million For failing to register as a securities provider before the April 19, 2021 deadline, despite continuing to operate as an exchange.
Kucoin’s website was Last week Blocked by South Korean authorities for operating without registration.
Ontario’s Crypto Action
Back in 2021, the OSC prohibited trading on centralized crypto exchanges that offer derivatives products, including Poloniex, ByBitAnd Kucoin,
Like Kucoin, Binance It also failed to register with local authorities by the April deadline.
exchange later informed Its Ontario-based users were supposed to close all active positions by the end of the year, but by December, Binance had canceled your commitment to OSC.
In March this year, Binance announced that it was offering long new customer accounts for Ontario.