Canada’s Regulator Bans KuCoin and Fines Bybit

The Ontario Securities Commission (OSC) has banned KuCoin and ordered Bybit to pay a fine.

The decision has been made after two trials.

The regulator has imposed on KuCoin a 2.1 million CAD ($1.6 million) fine. Bybit will pay out 10,000 CAD ($7,730) after previously agreeing a transfer of 2.47 million CAD ($1.9 million).

According to the press release:

“Unlike KuCoin, Bybit has responded to the OSC’s enforcement steps, maintained an open dialogue, provided information requested, and committed to participating in registration discussions.”

Binance undertook in March obligations to the OSC to cease operations in the Canadian province.

A similar decision was made by Bitfinex earlier.