The Ontario Securities Commission has formally filed charges against Bybit, an Ethereum and Bitcoin trading platform, for allegedly violating securities laws.
According to OSC, Bybit directly violated Ontario securities laws and highlighted that it has warned the crypto platform before and said that disregarding these laws would result in legal punishments.
But it appears that Bybit has continued with its alleged illegal practices, which prompted the regulatory body to file charges against the platform.
OSC said that Bybit has intentionally violated existing securities laws by choosing not to register with the regulatory body.
Bybit has been operating in Ontario and is already providing services to the residents, all without a license to operate, which has now put the crypto platform in legal hot waters.
According to the OSC, it has sent a notice on crypto exchanges and has asked these companies to contact them to discuss regulatory matters.
The OSC said that crypto exchanges have responded to their invitation, except for the few who have failed to make any responses.
This step is just one of the regulatory body’s efforts to curb law violations from financial entities and protect the citizens from any malpractices.
Doing its mandate
The Ontario Securities Commission is not new in battling exchanges and crypto companies that are violating securities laws.
The regulatory body’s efforts are in line with other government and financial regulators all over the globe to curb the increasing violations done by financial entities at the expense of their clients.
And with the rapid increase of crypto transactions, the OSC has recently diverted much of its efforts on the crypto market to deal with companies that violate their rules.
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