Canadian Regulator Adds Bybit to Crypto Exchange Crackdown

Bybit, one of the top five crypto exchanges in the world with a trading volume of $53 billion last week, is in close contact with Canadian regulators, among other leading crypto trading platforms. The Ontario Securities Commission (OSC) accused the British Virgin Islands-registered company of "operating an unregistered trading platform for crypto assets, encouraging Ontario to use the platform, and allowing Ontario residents to trade crypto assets." According to the OSC, on March 29, he asked Bybit to contact the company about how the exchange would comply with Ontario's securities law, but received no response. Now, it has added Bybit to its portfolio. The investor warning list and the hearing date are July 15. The Ontario Securities Commission is crashing crypto exchanges, starting with Poloniex.” Employees also proposed an administrative fine of up to $1 million for any violation of Ontario's securities law. Earlier this month, the regulator took a similar action against another exchange, KuCoin. took enforcement action. And last month, the OSC claimed that Poloniex did not follow the registration process. In any case, the argument is largely the same: The exchange offers securities and derivatives to Ontario residents, meaning it must comply with the county's securities laws. Derivatives are a type of security that derives its value from an underlying asset, which may or may not be a security itself. For example, commodity futures and Bitcoin futures contracts are derivatives. lets it set the price; that's one way to go

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