Bybit, a futures trading platform, has been accused of running a cryptocurrency platform that is unregistered in Ontario. The regulator explained that Bybit is running a cryptocurrency asset trading platform and asking customers in Canada to trade their cryptocurrency assets through the platform.
The action being taken against Bybit is similar to one that was taken against KuCoin earlier this month. It is a stark reminder that cryptocurrency trading platforms based in Canada need to make sure that their operations are compliant with securities law, otherwise they could potentially face regulatory action.
Potential consequences could include a penalty of no more than $1 million.