Ontario Regulator Include Crypto Firms In Consumer Protection Alert

The Ontario Securities Commission (OSC) also included crypto firms in its consumer alert. OSC’s warning to investors covers illegal activities. The regulator has created a list of warnings for companies and individuals that could put investors at risk.

Kucoin, PhenoFX, Crestswiftrade.com and FX-BTC Trade companies were included in the alert list. These firms are considered unregistered firms in the jurisdiction.

Crypto firms on the list were among other firms alleged to be foreign exchange brokers. Some companies face fraud allegations.

OSC signed a resolution banning Kucoin from operating in Ontario in June. The regulator’s move comes as part of Canadian securities regulators’ decision in 2021 to treat crypto exchanges as securities exchanges, regardless of whether digital assets are securities. OSC has pursued cryptocurrency exchanges that have been operating unregistered since then. Cryptocurrency exchange Bybit has managed to reach an agreement with the Ontario regulator.

KuCoin CEO, Johnny Lu, recently flatly denied rumors that the company will halt withdrawals due to liquidity shortages in the cryptocurrency industry.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.