ICYMI: Ontario regulator fines Bybit and bars Kucoin in continued fight against unregistered crypto exchanges
The Ontario Securities Commission has scored more courtroom wins against unregistered crypto exchanges.
In two legal proceedings finalized on June 21 and 22, the OSC has barred Kucoin from Ontario and settled with Bybit, which has committed to working with the OSC to register its platform. As part of the decisions, the regulator is fining Kucoin CAD$2,096,550.35 . Bybit has apparently already disgorged CAD$2,468,910 of its proceeds to the regulator, which is fining the exchange another CAD$10,000 to pay for its investigation.
In its announcement, the OSC noted:"Unlike KuCoin, Bybit responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions."
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