Ontario Securities Commission Slaps Bybit and KuCoin With Penalties

Ontario Securities Commission (OSC) slaps Bybit and KuCoin with penalties. OSC determined that both exchanges were operating noncompliant platforms that allowed Ontario residents to trade unregistered securities. As part of the agreement, Bybit paid a nearly $1.9 million fine to the OSC and agreed to work with the agency to properly register. Unlike Bybit, KuCoin is accused of being uncooperative with the OSC’s investigation. As a result, KuCoin has been permanently banned from participating in Ontario’s capital markets. The OSC also hit the exchange with a $1.5 million fine, as well as nearly $77,000 in investigation-related costs.