Canada’s Ontario Regulator Bans Crypto Exchange Kucoin, Fines Bybit

Canadian state regulator, the Ontario Securities Commission (OSC), has taken enforcement action against two cryptocurrency exchanges, Bybit and Kucoin, for not complying with local regulations.

The OSC issued a warning on March 29, 2021, to the unauthorized crypto exchange in the state to contact the regulator or face enforcement action. However, both exchanges continued to operate in the Canadian state without approaching the regulator for a license.

Announced on Wednesday, the Canadian watchdog slapped heavy fines on both platforms. Bybit Fintech Limited has disgorged almost US$2.5 million, along with another CA$10,000 as the regulatory investigation cost.

Seychelles-incorporated Mek Global and Singapore-incorporated PhoenixFin, both collectively operating the Kucoin brand, are facing permanent bans. They are also facing an administrative penalty of CA$2 million and have to shell out a further CA$96,550 for the investigation cost.

Cooperation Pays

Bybit escaped the ban as the  exchange 
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges…