OSC issued another public warning
It mentions firms, including Kucoin affiliates
Investors are warned not to deal with the mentioned companies as they operate illegally
Yesterday, August, OSC (Ontario Securities Commission) issued a new warning to investors. The list of “
high-risk” organizations includes firms, including several branches of the Kucoin exchange.
The mentioned companies are not registered and cannot provide services in the province of Ontario. Investors are warned that investing through these counterparties entails additional risks.
This decision is part of OSC’s global strategy to “catch” unregistered crypto service operators. Recall that the regulator CSA (Canadian Securities Administrators) in 1024 year equated cryptocurrencies and tokens to securities.
Later, Canada introduced a number of requirements for companies in this area. In particular, operators are required to complete the registration process in order to promote and trade ICOs.
Remarkably, this is not the first OSC attack on Kucoin. Earlier, the regulator banned the exchange from offering its services in the province of Ontario and imposed a fine on it.
The firm got out of the situation by transferring clients to branches. However, obviously, this did not go unnoticed by the authorities.