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Saturday, October 16, 2021

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After Binance, why is the Canadian CSO going after OKEx now?

While cryptocurrencies have gained popularity since their inception, Regulatory uncertainties have also taken their toll. Exchanges, especially, have been at the forefront of all this regulatory pushback, with Binance emerging as a popular target. However, you are not alone.

In what is a recent development, the Ontario Securities Commission has alleged that Aux Cayes FinTech Company Limited failed to comply with the province’s law governing securities. Here, it is worth noting that such an entity is registered in the Seychelles and operates OKEx.

The official statement added:

“Aux Cayes operates the OKEx Platform, an unregistered crypto asset trading platform that has allowed Ontario residents to use the platform and trade crypto asset products that are securities and derivatives.”

The OSC also accused the entity of not complying with the province’s registration and prospectus requirements.

This update came immediately after the OSC issued a warning. To operate in the province, the companies were supposed to comply with local securities laws by April 19. However, according to the agency,

“Despite the warning, Aux Cayes did not contact the OSC to initiate compliance discussions.”

The OSC went on to say that it will continue its march towards non-compliant cryptocurrency exchanges.

“Staff will continue to take action against non-compliant crypto trading platforms and will be in contact with international securities regulators to exchange information to support compliance actions.”

The Canadian regulatory watchdog has now scheduled a hearing on September 15 to address these allegations.

Not long ago, said authorities criticized another crypto exchange, Bybit, for similar reasons. According to the allegations, the platform did not contact the province’s regulator within the aforementioned period and violated the securities law. KuCoin suffered the same fate as well.

As mentioned above, Binance has been a popular target for regulators, including the Canadian CSO. In fact, after many rejections, Binance actually ceased its services to users located in Ontario. However, it’s worth noting that Binance featured this development as another one of its compliance efforts.

This is a machine translation of our English version.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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