Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
OSC Publishes Statement of Allegations Against KuKcoin For Failing to Comply with Ontario Securities Law
OSC Release | Jun 7, 2022
TORONTO – The Ontario Securities Commission (OSC) today published a Statement of Allegations against Mek Global Limited, incorporated in the Republic of Seychelles, and PhoenixFin Pte. Ltd., incorporated in Singapore, (collectively, KuCoin) for failing to comply with Ontario securities law. KuCoin is 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.
On March 29, 2021, the OSC warned crypto asset trading platforms that offer trading in derivatives or securities in Ontario that they must contact OSC staff or face potential regulatory action. Platforms were given until April 19, 2021 to discuss how to bring their operations as a dealer or marketplace into compliance. Additionally, the OSC stated that platforms that allow access to Ontarians are regarded by the OSC as operating in Ontario for the purposes of securities regulation.
Despite this warning, KuCoin did not contact the OSC.
See: Alberta-based Binance Canada expects to return to Ontario by 2024
Staff will continue to take action against non-compliant crypto asset trading platforms and are in contact with international securities regulators to exchange information to support enforcement action.
The Capital Markets Tribunal, Office of the Secretary, issued a Notice of Hearing on June 7, 2021 setting the matter down to be heard on July 6, 2021 at 11:00 a.m. or as soon thereafter as the hearing can be held in the above named matter.
The OSC thanks the Seychelles Financial Services Authority for their assistance in the KuCoin matter.
View the original release --> here
Download the 30 page PDF Capital Markets Tribunal Hearing --> here
Or view the Statement of Allegations online --> here
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