Bybit Becomes the Second Crypto Trading Platform to Face Regulatory Actions in Canada

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Canadian securities regulators have targeted Bybit in their recent crackdown on noncompliance crypto trading platforms. Bybit is the second largest crypto trading platform accused of operating unregistered in Ontario.

The accusations instigated against the platform by Ontario Securities Commission (OSC) included operating an unregistered crypto asset trading platform and at the same time and attracting Canadian clients to trade in asset products that are indeed securities and derivatives.

In the past month, OSC has taken similar actions against KuCoin. Both actions came after the two crypto trading platforms failed to comply with the standards set by OSC or to reach out for compliance talks by 19th April.

On 29th March, OSC notified crypto trading platforms operating in Canadian provinces to bring their operations into compliance with Ontario securities law by 19th April. Bybit hasn’t taken hasn’t contacted OSC and risk facing regulatory action.

Bybit will likely face regulatory actions that include payment of more than $1 million in penalties for failing to comply with securities law or exit the Canadian market.

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