The Ontario Securities Commission (OSC) has filed a new lawsuit against cryptocurrency exchange KuCoin after the trading platform failed to comply with Ontario securities law. According to a statement of allegations, the OSC warned the exchange on the violations back in March. However, despite this warning, KuCoin did not contact the OSC.
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Now, the Canadian regulator wants Mek Global and PhoenixFin (collectively, KuCoin) to pay an administrative penalty of not more than $1 million for each failure to comply with Ontario securities law. The watchdog also wants to get any amounts obtained as a "result of non-compliance with Ontario securities law." As of press time, KuCoin has not commented on the case.
As iHodl earlier reported, the OSC also filed a lawsuit against Poloniex. The regulator accused the exchange of trading derivatives and unregistered shares.
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