Canadian Financial Watchdog Accuses OKEx's Operator of Breaking Securities Law Verch
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Canadian financial regulator, the Ontario Securities Commission (OSC), has filed charges against Aux Cayes Fintech Co. Ltd, the operator of OKEx, over violating securities law. The agency says the firm violated Ontario securities law and did not cooperate fully with enforcement staff.

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"Aux Cayes is subject to Ontario securities law because crypto asset products offered on the OKEx Platform are securities and derivatives," the statement of allegations reads.

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While OKEx — according to the OSC — blocked the creation of new accounts by Ontario residents and added Ontario to the list of "Restricted Locations," Aux Cayes declined to provide the agency with basic information about its Ontario clients.

The OSC wants Aux Cayes to pay an administrative penalty of not more than $1 million for each failure to comply with Ontario securities law. This is OSC's fourth legal action against cryptocurrency exchanges, after the regulator accused ByBit, Poloniex and KuCoin of the same violations.

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