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Ontario Securities Commission Takes Action Against Non-Compliant International Crypto Asset Trading Platform - Action Follows Opportunity For Firms To Bring Their Operations Into Compliance

Ontario Securities Commission Takes Action Against Non-Compliant International Crypto Asset Trading Platform - Action Follows Opportunity For Firms To Bring Their Operations Into Compliance Date 25/05/2021 The Ontario Securities Commission (OSC) today published a Statement of Allegations against Polo Digital Assets, Ltd. (Poloniex) for failing to comply with Ontario securities law. Poloniex, incorporated in the Republic of Seychelles, is operating an unregistered crypto asset trading platform, encouraging Canadians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives. On March 29, 2021, the OSC warned crypto asset trading platforms that offer trading in derivatives or securities in Ontario that they must contact OSC staff or face potential regulatory action. Platforms were given until April 19, 2021 to discuss how to bring their operations as a dealer or marketplace into compliance. Additionally, the OSC s

Republic of seychellesOntario securities commissionPolo digital assets ltdSeychelles financial services authorityPolo digital assetsInvestor warningகுடியரசு ஆஃப் சீஷெல்ஸ்ஆஂடேரியொ பத்திரங்கள் தரகுபோளோ டிஜிட்டல் சொத்துக்கள் லிமிடெட்சீஷெல்ஸ் நிதி சேவைகள் அதிகாரம்போளோ டிஜிட்டல் சொத்துக்கள்

OSC taking action against Seychelles-based cryptocurrency platform Poloniex

The OSC says Polo Digital Assets, Ltd., which operates as Poloniex, never contacted the regulator but is required to because it has opened and operated trading accounts for Ontario residents and markets itself to Canadians. In a statement of allegations, the OSC s enforcement staff asks the commission to order Poloniex to cease trading securities, pay an administrative penalty of not more than $1 million and cover the costs of the commission s investigation. Poloniex did not immediately respond to a request for comment. Since the OSC instituted its April 19 deadline, it says more than 70 platforms initiated compliance discussions with Canadian securities regulators and almost a quarter of them are based outside Canada.

Ontario securities commissionPolo digital assets ltdPolo digital assetsCanadian pressBusiness financeஆஂடேரியொ பத்திரங்கள் தரகுபோளோ டிஜிட்டல் சொத்துக்கள் லிமிடெட்போளோ டிஜிட்டல் சொத்துக்கள்கனடியன் ப்ரெஸ்

OSC taking action against Seychelles-based cryptocurrency platform Poloniex

OSC taking action against Seychelles-based cryptocurrency platform Poloniex
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Ontario securities commissionPolo digital assets ltdPolo digital assetsCanadian pressஆஂடேரியொ பத்திரங்கள் தரகுபோளோ டிஜிட்டல் சொத்துக்கள் லிமிடெட்போளோ டிஜிட்டல் சொத்துக்கள்கனடியன் ப்ரெஸ்