Ontario Regulator Targets KuCoin In Crypto Crackdown

Law360 (June 8, 2021, 6:47 PM EDT) — Ontario’s securities regulator has accused cryptocurrency exchange KuCoin of selling securities without the proper registration, the agency’s second such action in a compliance crackdown on cryptocurrency companies.

The Ontario Securities Commission’s enforcement arm on Monday said Mek Global Ltd. and PhoenixFin Pte. Ltd., the parent companies of KuCoin, are violating Ontario securities law by selling securities and derivatives to residents without meeting registration requirements. Mek Global is incorporated in the Seychelles, and PhoenixFin is incorporated in Singapore, according to the OSC.

The commission in late March put out a public notice saying crypto-asset companies had until April 19 to initiate contact…

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