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Bybit, among the world’s top five crypto exchanges with $53 billion in trading volume last week, is fighting with Canadian regulators together with popular cryptocurrency trading platforms. turn on other.
The Ontario Securities Commission (OSC) billed Bybit with operating an unregistered crypto-asset trading platform that encouraged Ontarians to use the system and enabled Ontario inhabitants to trade resources products are derivatives and securities.
According to information from the OSC on March 29they requested Bybit to contact them regarding how to assist the trade comply with Ontario securities legislation but got no reply. The OSC has added Bybit to its investor alert list and set the hearing date as July 15.
At that hearing, the Commission will consider the OSC team’s recommendations calling for Bybit to stop trading and forbid the purchase of securities either indefinitely or for a period defined by the Commission. At the exact same time, the OSC has suggested an administrative fine of up to 1 million USD for each breach of the Ontario securities legislation.
Earlier this month, the regulator took a similar enforcement actions against the other trade, KuCoin. And last month, the OSC also accused Poloniex of failing to follow the registration procedure. The OSC’s debate is roughly the same in every case that exchanges provide securities and derivatives to Ontario taxpayers, which means they have to comply with Ontario’s securities legislation.
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