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Wednesday

28 July 2021

Canadian Regulator Adds Bybit to Crypto Exchange Crackdown - Decrypt

Canadian Regulator Adds Bybit to Crypto Exchange Crackdown - Decrypt


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The Ontario Securities Commission (OSC) has charged the British Virgin Islands-registered company with "operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives.".

According to the OSC, it had requested on March 29 that Bybit contact it regarding how to bring the exchange into compliance with Ontario securities law but did not receive a reply.

At that hearing, the commission will consider OSC staff recommendations calling for Bybit to cease securities trading and be prohibited from acquiring securities "permanently or for such period as is specified by the Commission." Staff also have recommended an administrative penalty of up to $1 million for each breach of Ontario securities law.

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