Kucoin flagged by Ontario Securities Commission

The OSC is continuing to crack down on unregistered crypto exchanges, warning investors of Kucoin for the second time this August.

The Ontario Securities Commission (OSC) today issued an alert flagging 13 companies that “are not registered to deal or advise in securities in Ontario,” including the Seychelles-based MEK Global Limited and the Singapore-incorporated PhoenixFin Pte. Ltd., both of which collectively make Kucoin.

The OSC’s new warning against Kucoin is the second this month. It asks investors to report any approaches by the flagged firms to the OSC, arguing that unregistered companies may pose significant consumer risks.

In a courtroom victory back in June, the OSC successfully barred Kucoin from operating in Ontario and fined it just over $1.6 million for failing to register as a securities provider before April 19, 2021, despite continuing to operate as an exchange.

Kucoin’s website was last week blocked by South Korean authorities for operating without registration.

Original Source: Decrypt.com

Leave a Reply

Your email address will not be published. Required fields are marked *