Tuesday, February 7, 2023
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KuCoin Is In Troubles Yet Again!

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  • For the second time in August, the OSC issued a warning to investors as a part of its ongoing crackdown on unlicensed cryptocurrency exchanges.

Second Warning to KuCoin

The Seychelles-based MEK Global Limited and Singapore’s PhoenixFin Pte. Ltd., both of whom jointly produced Kucoin, are among 13 businesses that the Ontario Securities Commission (OSC) has identified as not authorized to trade or consult in securities in Ontario. This is the second alert from the OSC this month on Kucoin. Insisting that unregistered businesses may offer sizable consumer concerns, it requests that buyers notify the OSC of any advances from the identified entities.

The OSC successfully blocked Kucoin from functioning in Ontario. They took $1.6 million penalty for not registering as a services operator before the timeframe of April 19, 2021. Despite the reality the exchange continued to function as an exchanger, in a judicial victory back in June. Last Monday, South Korean officials shut down the Kucoin portal because it was functioning without authorization.

OSC blocked KuCoin in Ontario, Credit: NCFA Canada
OSC blocked KuCoin in Ontario, Credit: NCFA Canada

Binance failed to meet registration dates as well

The OSC limited transactions on centralized cryptocurrency exchanges like Poloniex, ByBit, and KuCoin which provided derivative items back in 2021. Binance similarly missed the April application deadline with the local government. Later, the platform instructed its customers in Ontario to cancel all positions available by the end of the calendar year, but by December, Binance already backed out of its agreement with the OSC. Binance said in March of this year that it was not actively opening new client accounts for Ontarians.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.
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