TORONTO — The Ontario Securities Fee is taking motion in opposition to two international cryptocurrency corporations after a deadline to enter discussions about bringing their platforms into compliance with provincial legal guidelines got here and went.
The regulator says it’s going after Mek International Restricted, a Seychelles-based firm recognized as KuCoin within the firm’s phrases of service, and PhoenixFin Pte Ltd., a Singapore-based enterprise which owns kucoin.com.
The OSC is pursuing the businesses after it ordered crypto asset companies to contact the regulator by April 19 to evaluate how their operations can meet Ontario securities requirements.
The OSC says Mek International and PhoenixFin by no means made contact with the regulator, however are topic to Ontario securities regulation as a result of its platform is offered to Ontario residents and a few have already used KuCoin for deposits and trades.
In a press release of allegations, the OSC’s enforcement employees asks the fee to order KuCoin to stop buying and selling securities, pay an administrative penalty of no more than $1 million and canopy the prices of the fee’s investigation.
The OSC took comparable motion in opposition to Polo Digital Belongings, Ltd., which operates as Poloniex, final month for failing to deliver its crypto platform into compliance.
KuCoin didn’t instantly reply to requests for remark.
This report by The Canadian Press was first printed June 7, 2021.
The Canadian Press