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Bybit stated on Thursday that it had struck a settlement agreement with the Ontario Securities Commission (OSC) one day after it issued a Statement of Allegations against the crypto asset trading platform.
The agreement stipulates that Bybit must take several steps while participating in registration discussions with the Canadian regulator. This statement comes after the OSC levied monetary sanctions against Bybit and KuCoin for allegedly violating securities laws and running unregistered trading platforms for crypto-assets.
According to the Settlement Agreement, Bybit has disgorged roughly $2.47 million in income and paid the OSC $7,707 (Canadian $10,000) fees. Bybit was not subject to any further monetary penalties as part of the deal.
In addition, Bybit said that it would no longer accept new accounts from residents of Ontario, offer unique items to current accounts held by Ontario investors, or engage in marketing and promotional activities directed towards Ontario residents.
Bybit is now engaged in registration negotiations with the provincial regulator; if the process fails, the company will halt operations in Ontario. Investors who currently possess cryptocurrencies on Bybit will be obliged to liquidate their positions in certain prohibited products, including leveraged contracts, margin trading, and credit extensions. Unspent or unused retail investor cash or assets in Ontario may be used for unconstrained goods or withdrawn from the Bybit platform, the exchange stated.
Ben Zhou, co-founder, and chief executive officer of Bybit, highlighted in a statement: “We appreciate the OSC’s efforts in protecting Ontario investors and look forward to cooperating with the OSC in all respects in the registration process.”
Cointelegraph reached out to Bybit for comment but had not received a response by publication. This article will be revised when further information becomes available.
The judgment by the regulator was the most recent in a series of warnings and legal measures taken against crypto exchanges serving Ontario customers. The OSC announced a deadline in March 2021 for crypto businesses operating in Ontario to register with the Ontario Securities Commission by April 2021 by the province’s securities legislation. As of June 1, Ontario has registered eight cryptocurrency trading sites, including Fidelity Digital Assets, Bitvo, and Bitbuy.
