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The Ontario Securities Commission (OSC) today released a statement of allegations against Bybit Fintech Limited (Bybit) for non-compliance with Ontario securities law.
Bybit, incorporated in the British Virgin Islands, operates an unregistered crypto asset trading platform, encouraging Ontarians to use the platform and allowing residents of Ontario to trade crypto asset products that are securities and drifts.
On March 29, 2021, the OSC warned crypto asset trading platforms that offer trading in derivatives or securities in Ontario that they should contact OSC staff or face potential regulatory action. The platforms had until April 19, 2021 to discuss how to bring their operations as a broker or market into compliance. In addition, the OSC has stated that platforms that provide access to Ontarians are considered by the OSC to be operated in Ontario for the purposes of securities regulation.
Despite this warning, Bybit did not contact the OSC.
Staff will continue to take action against non-compliant crypto asset trading platforms and are in contact with international securities regulators to exchange information to support enforcement action.
The OSC thanks the British Virgin Islands Financial Services Commission for its assistance in the Bybit matter.
The OSC continues to add unregistered crypto asset trading platforms, including 12 platforms that were added recently, to its list of investor warnings.
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