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Canadian Regulator Takes Action Against Second-Biggest Bitcoin Futures Exchange

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Mon, 06/21/2021 - 17:22
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Alex Dovbnya
The OSC is going after Bybit after zeroing on KuCoin
Canadian Regulator Takes Action Against Second-Biggest Bitcoin Futures Exchange
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Bybit, the second-largest Bitcoin futures trading platform by open interest, has become the latest exchange to appear in the crosshairs of the Ontario Securities Commission.

The Canadian regulator has just issued a formal notice, which alleged that the Asian exchange violated the province’s securities law.

Despite the OSC cautioning unregistered trading platforms against offering derivatives products in Ontario back in March, Bybit failed to comply with the requirement. 

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The British Virgin Islands Financial Services Commission assisted its Canadian counterpart in taking action against Bybit.

Earlier this month, Seychelles-based crypto exchange KuCoin also faced the same accusations from the OSC.

The regulator claims that it will continue cracking down on non-compliant exchanges.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.