- The OSC said Poloniex has failed to contact them to start compliance discussions.
- Poloniex to pay a penalty fee of not more than $1 million.
The Ontario Securities Commission (OSC) issued a report claiming that Poloniex has failed to contact the OSC to start compliance discussions. Poloniex is a Seychelles-based crypto exchange.
OSC said that Poloniex meets the OSC’s jurisdiction as the trading platform runs trading accounts for Ontario residents.
According to OSC, the regulators sent reports to crypto-asset trading platforms. However, Poloniex failed to communicate with the Ontario regulators.
In the reports, OSC said,
“They must bring their operations into compliance with Ontario securities law or face potential regulatory action. The firms have to contact the OSC by April 19, 2021, to start compliance discussions.”
Also, the OSC...
This article was first published on coinquora.com