Canada’s enforcement agency, the Ontario Securities Commission (OSC) has taken legal action against the KuCoin exchange platform and two parent firms, Mek Global and PhoenixFin.
It is understood KuCoin and the firm failed to contact the agency on April 19, the deadline for registration with the authorities.
OSC explained KuCoin had failed to meet registration requirements, resulting in illegal trading of securities.
For the record, Canada has tightened the laws under which cryptocurrency exchanges need to be registered or else its trading activities will be blocked immediately.
Canadian authorities view the exchange position of crypto or digital assets as equivalent to the exchange of securities. This means that a number of digital currencies are under the same laws as commodities.
In addition to KuCoin, a local crypto exchange, Poloniex was also subject to similar action at the end of last May.
