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The Ontario Securities Commission (OSC) has issued another warning to consumers that calls on a range of cryptocurrency firms, including Kucoin and its affiliates, for not being registered to operate in the Canadian province.
Earlier this month, the OSC issued a similar warning in which Kucoin was also named as an unregistered entity. In today’s warning, 13 firms, many of which deal with cryptocurrency, are named as companies that are not registered to operate or consult securities in Ontario. The list includes Kucoin subsidiaries that the commission targeted earlier when it successfully banned the firm from operating in Ontario, winning a court case that also included a $1.6 million fine.
The Kucoin case was part of a broader crackdown on cryptocurrency following a decision by regulators in 2021 to treat depository exchanges as securities exchanges regardless of whether the assets being traded are securities. Since then, OSC has been dealing with unregistered platforms.
Since Kucoin survived the storm, CEO Johnny Liu tried to dispel rumors that the company could stop withdrawing funds.
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