The Ontario Securities Commission (OSC) has accused the cryptocurrency exchange Bybit of violating the securities law. According to the official statement, the exchange is not eligible to serve Canadians.
As early as March 29, the Commission sent Bybit a notification asking to get in touch by April 19. However, the crypto exchange did not respond to the regulator’s message. OSC intends to collect a fine of up to C $ 1 million (~ $ 807 thousand) from Bybit. In addition, the regulator wants to oblige the cryptocurrency exchange to cover all investigation costs. OSC also wants to oblige Bybit to return all the money that the exchange received from Canadians at the time of the violation of the Ontario Securities Act.
This is the third accusation by OSC against crypto exchanges. Earlier it became known that the Canadian regulator has filed a lawsuit against Poloniex and KuCoin with similar charges. All crypto exchanges at the time of writing have not officially commented on the OSC charges.
Despite the persecution of the Canadian regulator, the country is more open to the cryptocurrency market than, for example, the United States. In mid-March, the Canadian cryptocurrency ETF increased the volume of attracted investments to 14 thousand bitcoins. In the United States, we recall that there is still no permission to issue bitcoin ETFs.
At the same time, Ohio Senator Sherrod Brown called on the new head of the Office of the Comptroller of the Currency to increase pressure on the cryptocurrency market. According to the democrat, he is worried that the previous leadership of the department issued banking licenses to cryptocurrency companies.
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