The Ontario Securities Commission (OSC) said the KuCoin cryptocurrency exchange is not complying with the province’s securities law. Coindesk reports.
According to OSC, KuCoin-related companies Mek Global Limited and PhoenixFin do not comply with Ontario’s securities laws.
The regulator claims KuCoin operates an unregistered cryptocurrency trading platform and encourages Canadian customers to trade assets that are securities.
In May, Canada’s central bank pointed out the risks of investing in bitcoin. Central Bank officials said that cryptocurrencies pose threats to the country’s financial sector.