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The Ontario Securities Commission (OSC) today issued an alert flagging 13 companies that “are not registered to deal or advise in securities in Ontario,” including the Seychelles-based MEK Global Limited and the Singapore-incorporated PhoenixFin Pte. Ltd., both of which collectively make Kucoin.
The OSC’s new warning against Kucoin is the second this month. It asks investors to report any approaches by the flagged firms to the OSC, arguing that unregistered companies may pose significant consumer risks.
In a courtroom victory back in June, the OSC successfully barred Kucoin from operating in Ontario and fined it just over $1.6 million for failing to register as a securities provider before the deadline of April 19, 2021, despite continuing to operate as an exchange.
Kucoin’s website was last week blocked by South Korean authorities for operating without registration.
Ontario’s crypto crackdown
Like Kucoin, also failed to register with local authorities by the April deadline.
In March this year, Binance announced it was longer offering new customer accounts to Ontarians.