The Ontario Securities Commission (OSC) has banned the KuCoin bitcoin exchange and ordered Bybit to pay a fine. The latter agreed to cooperate to register the platform.
The decision was made after two trials.
The regulator fined KuCoin 2.1 million CAD ($1.6 million). Bybit will pay out 10,000 CAD ($7,730) after previously agreeing a transfer of 2.47 million CAD ($1.9 million).
“Unlike KuCoin, Bybit has responded to the OSC’s enforcement steps, maintained an open dialogue, provided information requested, and committed to participating in registration discussions,” the press release said.
A Bybit spokesperson told ForkLog that the platform is in talks to register with the OSC. For the duration of the discussions, the company has committed not to open new accounts for Ontario residents or offer new products to existing customers.
If the negotiations fail, Bybit will curtail its activities in the region.
Recall that in March 2022, the Binance bitcoin exchange undertook obligations to the OSC to cease operations in the Canadian province.
Earlier, a similar decision was made by the Bitfinex cryptocurrency exchange.
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