Bloomberg Law
June 22, 2022, 7:18 PM

Ontario Regulator Sanctions Bybit, Bans Kucoin for Violations

Derek Decloet
Derek Decloet
Bloomberg News

The Ontario Securities Commission said it reached a settlement with Bybit Fintech requiring the cryto-trading firm to pay $2.5 million. The regulator banned it from opening new accounts and offering new products in the Canadian province until it registers as a platform.

  • “If registration discussions fail, Bybit confirms that it will wind up its Ontario operations,” OSC says in release
  • “For existing Ontario retail investors, Bybit confirms that it will require investors to wind down their positions in certain restricted products, such as contracts that involve leverage, margin, or the extension of credit.”
  • Separately, the regulator permanently banned KuCoin and ...

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