Ontario Securities Commission Takes Action Against Non-Compliant International Crypto Asset Trading Platform - Action Follows Opportunity For Firms To Bring Their Operations Into Compliance Date
25/05/2021
The Ontario Securities Commission (OSC) today published a Statement of Allegations against Polo Digital Assets, Ltd. (Poloniex) for failing to comply with Ontario securities law. Poloniex, incorporated in the Republic of Seychelles, is operating an unregistered crypto asset trading platform, encouraging Canadians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives.
On March 29, 2021, the OSC warned crypto asset trading platforms that offer trading in derivatives or securities in Ontario that they must contact OSC staff or face potential regulatory action. Platforms were given until April 19, 2021 to discuss how to bring their operations as a dealer or marketplace into compliance. Additionally, the OSC s
James Langton
The crackdown on unregulated crypto trading in Canada has begun, with the Ontario Securities Commission (OSC) bringing allegations against a Seychelles-based firm for failing to heed the regulator’s warning to get registered.
On May 25, the OSC issued a statement of allegations against Polo Digital Assets, Ltd. (Poloniex), alleging that the firm is violating securities law in Ontario by operating an unregistered crypto trading platform that’s allowing Canadian investors to trade cryptoassets considered by regulators to be securities and/or derivatives.
The allegations have not been proven.
The OSC’s charges follow a warning issued by the Canadian Securities Administrators at the end of March that called on crypto trading platforms doing business in Canada to get registered with the Investment Industry Regulatory Organization of Canada. That warning gave firms until April 19 to contact regulators and start discussions on becoming compliant.
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