“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.
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