Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Kucoin => Topic started by: Markuri33 on June 23, 2022, 01:58:56 AM
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“Bybit responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions,” said the OSC.The Ontario Securities Commission, or OSC, issued financial penalties against Bybit and KuCoin, claiming violation of securities laws and operating unregistered crypto asset trading platforms.
In a Wednesday announcement, the Ontario regulator said it had obtained orders banning KuCoin from participating in the province’s capital markets and fining the exchange for more than $1.6 million. The OSC also announced that, as part of a settlement agreement, Bybit disgorged roughly $2.4 million and paid the regulator $7,724 as part of the costs of its investigation. Both firms allegedly failed to comply with Ontario securities laws, but only Bybit “responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.more (https://cointelegraph.com/news/canadian-regulator-takes-enforcement-actions-against-bybit-and-kucoin/amp)
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This is negative news for KuCoin and the supporters of the growing KuChain ecosystem. I think KuCoin needs to complete the legal procedures to be as widely accepted as Binance. Binance's CZ has done a great job of traveling around the world and working with governments seriously to get Binance allowed to operate in that country.
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With these Regulatory challenges on Kucoin and Bybit plus the Mandatory KYC policy, I'm forced to look out for a good license CEX with a non-KYC policy. Only Bitget happens to fulfill this criterion. For now, I will be giving this platform a try.
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I will not insist, but I am sure that Kucoin and Bybit will not be affected in any way, such restrictions are always someone wants to impose to control the money of their residents, it will always be and it is inevitable.