Canada fines and restricts crypto exchanges Bybit and Kucoin

The Ontario Securities Commission (OSC), in two legal proceedings finalized on June 21 and 22, has barred Kucoin from Ontario and fined Bybit.

Bybit has with the OSC and reiterated its commitment to working with the OSC to register its platform.

The OSC is fining Kucoin CAD$2,096,550.35 (USD$1,621,597.83).

Bybit has already disgorged CAD$2,468,910 (USD$1,909,603.13) of its proceeds to the regulator.

The OSC is fining Bybit another CAD$10,000 (USD$7,734.60) to pay for its investigation.

“Unlike KuCoin, Bybit responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions,” the OSC noted.

The OSC’s mandate is to treat custodial exchanges as securities exchanges regardless of whether the cryptocurrencies are themselves securities.