OSC Banned KuCoin And Fined Bybit
In connection with violations of legislation on Ontario securities, the ONTRIO securities commission (OSC) was forced to take measures against two exchanges, KuCoin and Bybit.
The Commission banned the KuCoin exchange from carrying out activities on the province’s territory and ordered it to pay an administrative fine of 2 million Canadian dollars and another 96,550.35 US dollars for investigating the OSC.
The OSC ordered Bybit to pay a fine of 2,468,910 US dollars and another 10,000 Canadian dollars to cover the cost of the OSC investigation. The exchange went to cooperate with the regulator, paid for all fines and provided all the information that the regulator requested. Bybit also pledged to bring all operations in line with the law.
The regulator made the decision according to the results of two litigations.