The Ontario Securities Commission (OSC) in Canada has issued another consumer warning to residents of unregistered crypto platforms, which include three companies related to KuCoin.
CSO’s last warning is part of a series of actions taken by the regulator to protect investors About the risks associated with digital assets.
OSC issues to investors Warning About harmful activities in the stock market from time to time. this warning intended to educate the public Specific types of fraud or other illegal activities so that investors can make an informed decision about where they want to invest their money.
The commission had issued a similar warning last month, to claim that Kucoin It is an unregistered organization. Today’s Alert Name 13 companies Many of them are crypto firms that are not allowed to trade or advise on securities in Ontario.
The list includes subsidiaries of KuCoin, which were successfully banned by the Commission from operating in Ontario with a court victory.
Current Status of Cryptocurrencies in Canada
In Canada, cryptocurrency has been under a lot of scrutiny lately. And the government is trying to find the best way to regulate it. Allegedly, number of holders of Bitcoin increased from 5% in 2020 to 13% in 2021, according to a Recent Bank of Canada report ,
The average amount of bitcoin was $500, and most investors use it for speculation because of its high instabilityWhich makes it unsuitable as a payment method.
despite the enthusiasm The Canadian Securities Administrators (CSA) has now mandated that all platforms Business cryptocurrency in canada to accept Some benchmarks before trading.
After the first set of registration requirements For Platforms Before OSC of Business In crypto assets, Crypto.com completed a pre-registration agreement, making it the first transactions of cryptocurrencies to operate under this law.
Crypto.com is authorized to operate in Canada
CSO Approved Crypto Products Will Be Available on Canadian Cryptocurrency Platforms crypto.com is becoming the first transactions in doing.
The pre-registration pledge acknowledges Crypto.com’s compliance with all Canadian regulations set by the Canadian Financial Transactions and Reports Analysis Center. (Fintrack) Y Financial Markets Authority (emf) eN Quebec.
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