Connect with us

Bybit

Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin And Bybit

Published

on

Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin And Bybit

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC.

OSC Sanctions 2 Crypto Trading Platforms

The Ontario Securities Commission (OSC) announced Wednesday the outcome of enforcement actions against two foreign cryptocurrency trading platforms operating in its jurisdiction.

The first is Bybit, a crypto trading platform operated by Bybit Fintech Ltd., incorporated in the British Virgin Islands. The other is Kucoin, operated by Mek Global Ltd., incorporated in the Republic of Seychelles, and Phoenixfin Pte. Ltd., incorporated in Singapore.

Advertisement

“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allowed Ontario investors to trade securities without a prospectus or any exemption from the prospectus requirements,” the Canadian regulator explained.

Regarding Kucoin, the announcement states:

The OSC successfully obtained orders permanently banning Kucoin from participating in Ontario’s capital markets and requiring Kucoin to pay an administrative penalty of CAD $2,000,000.

Kucoin must also pay a further CAD $96,550.35 ($74,497) towards the costs of the OSC’s investigation.

As for Bybit, the regulator settled with the exchange. The OSC explained that, unlike Kucoin, Bybit responded to its enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.

The Canadian securities watchdog described:

Advertisement

As part of a settlement agreement, Bybit has disgorged USD $2,468,910 and paid a further CAD $10,000 towards the cost of the OSC’s investigation.

“Bybit has also given an undertaking to the OSC, which holds the firm accountable for taking steps to bring its operations into compliance,” the regulator added. The exchange will also require existing Ontario retail investors to wind down their positions in certain restricted products.

In March last year, the OSC told crypto trading platforms that offer derivatives or securities trading in Ontario to start registration discussions with it by April 19, 2021, or face enforcement action. The Canadian regulator noted:

Despite this warning, Bybit and Kucoin did not contact the OSC by the deadline and continued operations in Ontario.

What do you think about the OSC taking action against Bybit and Kucoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Argentina

Singapore Based Crypto Exchange Bybit Expands To Argentina

Published

on

Singapore Based Crypto Exchange Bybit Expands To Argentina

Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina. The exchange wants to offer Argentinian citizens another platform on which to transact, given the popularity that the cryptocurrency industry is enjoying in the country. The exchange will also have a dedicated team to support Argentinian operations.

Bybit Lands in Argentina

Advertisement

The growth of the cryptocurrency industry in Argentina has not gone unnoticed by international companies. Bybit, a Singapore-based, top-ten crypto exchange by volume traded, has announced that it will expand its trading operations to support Argentinian customers directly.

To better achieve this goal, the company will dedicate a team to attend to applicable requirements and support its upcoming Argentinian customers, allowing them to transact, purchase, and sell cryptocurrencies on Bybit’s platform. Also, the platform will be available in Spanish, the native language of the country.

Regarding this development, the exchange declared:

Advertisement

Taking into account the level of penetration and the rapid growth in the adoption of cryptocurrencies in Argentina, Bybit has made this decision, which is due to the importance of the Argentinian market in the Latin American region.

Due to all of this, Bybit considers it is the right time to expand its operations to the country, given that there is an opportunity for onboarding users still new to the cryptocurrency movement.

Advertisement

Argentinian Crypto Appeal

In recent years, Argentinians have been getting closer and closer to crypto, with this phenomenon starting after the government established limits to the number of dollars citizens could exchange, establishing a foreign currency exchange control, similar to the one established by the Venezuelan government before that. Inflation numbers have also influenced the interest in this new, alternative financial system.

The exchange is betting that this newfound interest in crypto, due to national and international market conditions, will power the demand of Argentinian users in the near future for new applications. About this, Gonzalo Lema, director of Bybit operations for Argentina, stated:

Advertisement

Although macroeconomic conditions have become a factor in increasing the adoption of cryptocurrencies in Argentina, as the customer base grows, interest in other potential uses of these assets will increase, such as the possibility of receiving remittances or even paying for goods and services with them.

The company will offer all of its available services and investment instruments in Argentina, and an APY of 22% on Dai deposits, to Argentinians registering before July 11.

Advertisement

What do you think about the new expansion plans that Bybit has for Argentinian markets? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Continue Reading

Accusations

A New Terra Network Is Coming With Support From Major Exchanges, LUNA And UST Holders Eligible For Airdropped Tokens

Published

on

A New Terra Network Is Coming With Support From Major Exchanges, LUNA And UST Holders Eligible For Airdropped Tokens

According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network.

Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited

On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announced the May 27 launch and explained that the governance proposal passed on May 25. According to the team, the latest Terra Core code has been released and the codebase was audited by SCV Security.

The governance decision further details the new LUNA token distribution which includes 30% for the community pool, 35% for pre-attack LUNA holders, 10% for pre-attack aUST holders, post-attack LUNA holders will get 10% and post-attack UST holders are eligible for 15% of the supply. Additionally, the Terra team mentioned that the Terraform Labs wallet, Luna Foundation Guard’s wallet, and the community pool distribution module account will be removed from the LUNA airdrop.

Advertisement

The Terra team’s Twitter thread adds:

The removal of these wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem.

Controversy, a Class-Action Lawsuit, and Mirror Protocol Accusations

There’s been a lot of controversy surrounding the Terra blockchain network and the face of the project Do Kwon. Just recently, a LUNA investor who lost $2.4 million was arrested for visiting Kwon’s home and knocking on his door. Then there’s a Twitter account called “@fatmanterra (Fatman)” that has said a class action lawsuit is being planned in order to get compensation for the class of LUNA and UST victims.

Fatman said the action will be free to join and the team is researching jurisdictions like Singapore where investment protection is laxer. Fatman said:

I am happy to announce that three law firms have offered to commit over $15m (maybe more) to this historic fight for justice – they are looking to fund the case and will collect fees on a contingency basis. This could never have happened without all of you.

But that’s not all Fatman has been doing, as the Twitter account has published accusations about specific Terra-based projects and partners. In one specific thread written by Fatman, the social media account says Terra’s Mirror Protocol, a decentralized and synthetic stock exchange, was “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread discusses how Mirror Protocol’s governance system was allegedly rigged.

Centralized Exchange Platform’s Binance, Bybit, and Huobi Plan to Support New LUNA Token

The Terra team doesn’t seem to be bothered by the controversy surrounding the project and the litany of accusations on social media. Moreover, many rumors have been flying around social media concerning Kwon’s and the Terra development team’s decisions. Kwon has been responding to question after question about the new Terra chain, eligibility, and the airdropped LUNA tokens.

Advertisement

The Terra team details that it is working closely with centralized exchange partners like Bybit and Binance in order to support LUNA holders who left funds on exchanges. Huobi Global revealed it would support the new LUNA chain. Binance tweeted about the rebirth of the new Terra network as well.

“The Terra community just passed a vote to ‘Rebirth Terra Network,’” Binance said. “We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.”

Tags in this story

Accusations, Airdrop, airdropped LUNA, airdropped tokens, Algorithmic stablecoin, Binance, Bybit, Codebase, controversy, do kwon, eligible, Fatman, Fatman Terra, Huobi, Investors, LUNA, new LUNA chain, rigged, SCV Security, Stablecoin, terra (LUNA), Terra Blockchain, Terra Core, Terra Core code, Terra’s Mirror Protocol, UST

What do you think about the new Terra blockchain project? What do you think about the controversy surrounding the Terra ecosystem? Let us know what you think about this subject in the comments section below.

Advertisement
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Binance

South African Regulator Explains Why It Has Been Targeting Global Crypto Exchanges

Published

on

By

South African Regulator Explains Why It Has Been Targeting Global Crypto Exchanges

Brandon Topham, the head of enforcement at South Africa’s financial sector regulator, has insisted that his organization has not issued warnings to some global exchanges because they deal in crypto. Rather, the warnings have been made because the exchanges are not registered to offer derivatives in the country.

Exchanges Not Registered to Offer Derivative Products

An official with the South African financial sector regulator, the Financial Sector Conduct Authority (FSCA), has said his organization has been targeting global cryptocurrency exchanges operating in the country because they “offer a derivative product with crypto as the underlying or reference asset.”

As previously reported by Bitcoin.com News, the South African regulator has in the past issued public warnings against global crypto exchange platforms like FTX, Binance, and Bybit. In some cases, the regulator’s warnings have forced some crypto exchanges operating in the country to terminate certain services.

Advertisement

While the FSCA insists that its warnings are designed to protect the public, some have speculated that global exchange platforms are being targeted because they deal with cryptocurrency.

However, pushing back against this narrative, Brandon Topham, the head of enforcement at the FSCA, is quoted in a report suggesting that action is being taken because the exchanges are not registered to offer derivatives. He explained:

We are looking at speaking with a number of over the counter derivative product [ODP] providers who are not registered with us.

Upcoming Regulatory Regime

The official reiterated that the FSCA is working to create a regulatory regime that would protect cryptocurrency investors.

“We are looking at creating a regulatory environment for them to be registered in [order] to protect the customers and legitimate players from exploitation. This is currently underway,” explained the FSCA official.

The official insisted that once the envisioned regulatory environment is in place, South Africa “will be one of the most progressive countries in the world at this stage.”

Advertisement

On the other hand, Topham claimed that the regulator is not trying to stop the development of the crypto industry. Instead, the FSCA said it wants to enable the development of the industry but it “will not rush into this.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

Trending

Get our daily News updatesSignup to get instant updates straight to your email