Bybit Agree to Engage OSC in Upcoming Enforcement Proceeding

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Bybit, the Singapore-based cryptocurrency exchange, has agreed to engage Ontario Securities Commission (OSC) on an upcoming enforcement proceeding.

The first hearing between Bybit and OSC is scheduled on Thursday. Bybit will then have the privilege to receive relevant documents from OSC by 16th August. Bybit will also have the opportunity to file a motion on document discovery as per the agreement.

OSC will serve and file the witness list by 15th October, and a further hearing is scheduled on 22nd October. OSC initiated enforcement action against the Virgin Islands incorporated Bybit for failing to register its crypto asset trading platform in Ontario.

OSC has also taken enforcement actions against Poloniex and KuCoin for failing to comply with Ontario securities registration requirements. OSC oversees securities legislation in Canada’s province of Ontario.

Regulators around the world have started monitoring cryptocurrency exchanges over fears of global money laundering and terrorist financing. Binance, the world’s largest cryptocurrency exchange, and Bybit have received warnings in Japan and UK for operating without authorization.

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