The Ontario Securities Commission (OSC) has issued an alert statement regarding 13 companies that provide crypto-related services in the region without any regulatory approval.
The OSC noted in a press release that the companies are not registered to deal or advise in securities in Ontario. Among red companies, the OSC has listed MEK Global Limited and the PhoenixFin Pte. Ltd., both of which manage cryptocurrency exchange KuCoin.
This is not the first time the OSC slams KUCOIN over unregistered business. In June, the regulator fined the exchange for failing to comply with Ontario securities law, requiring it to pay a penalty of $1.6 million and almost $75,000 towards the costs of the investigation. It is unclear if KuCoin paid the fine.
In August, South Korea's Financial Services Commission (FSC) sanctioned Poloniex, KuCoin, and other trading platforms for offering services to Korean investors without any approval from authorities.
