Home News OSC Marks KuCoin and Other Crypto Firms as Unregistered


24 Aug 2022

OSC Marks KuCoin and Other Crypto Firms as Unregistered

The Ontario Securities Commission (OSC) has just issued a warning about 13 companies that are not registered to deal or advise in securities in the province of Ontario. Among these companies are MEK Global Limited of Seychelles and PhoenixFin Pte. Ltd. of Singapore, both of which are incorporated in Singapore and which are responsible for the production of Kucoin.

The current warning issued by the OSC about Kucoin is the second such notice issued this month. It argues that unregistered businesses may present major dangers to consumers and requests that investors notify the OSC of any approaches made by the entities that have been highlighted.

In a legal win back in June, the OSC successfully prevented Kucoin from operating in Ontario and fined it just over $1.6 million for failing to register as a securities provider by the deadline of April 19, 2021, despite the fact that it continued to function as an exchange. This occurred despite the fact that Kucoin continued to operate as a cryptocurrency exchange.

The Kucoin website has been inaccessible since last week when South Korean authorities barred it from operating without proper registration.

Trading was limited on centralized cryptocurrency exchanges that offered derivatives products in 2021 by the OSC. These exchanges include Poloniex, ByBit, and KuCoin, among others.

Binance, much like Kucoin, did not meet the local authorities’ April deadline to register with them as a financial institution.

The exchange then advised its customers residing in Ontario that they were required to terminate all current holdings by the end of the year; however, by December, Binance had withdrawn its agreement to the OSC.

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In March of this year, Binance made the announcement that it will no longer be providing new customer accounts to residents of the province of Ontario.