The Ontario Securities Commission (OSC) has issued another consumer alert for unregistered crypto platform users, including Kucoin.
The Ontario Securities Commission (OSC) has issued another consumer alert urging a number of crypto firms for not being registered to settle deals in the Canadian province.
Ontario Securities Commission Warns Against KuCoin
OSC issued a similar warning earlier this month, also calling Kucoin an unregistered asset. The new alert identifies 13 firms, most of them crypto businesses, as companies that are not registered to transact or advise on securities in Ontario. The fact that one of the companies on the list is a subsidiary of Kucoin did not escape the attention of users.
The Kucoin lawsuit comes as part of broader crypto crackdown following regulators’ 2021 decision to treat custody exchanges as securities exchanges, regardless of whether the traded assets are securities. Since then, OSC has pursued unregistered platforms.
As Kucoin weathered the storm, Kucoin CEO Johnny Lyu tried to fend off rumors that suggested the company might stop withdrawals.
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