The Ontario Securities Commission, or OSC, is taking stern action against two companies associated with KuCoin for allegedly failing to comply with local securities laws, setting the stage for further regulatory action against the cryptocurrency platform.
The companies targeted by the OSC are Seychelles-based Mek Global Limited and Singapore-based PhoenixFin Pte. Ltd. Collectively, the companies operate KuCoin, one of the world’s fastest-growing cryptocurrency exchanges. As of Tuesday, KuCoin had processed more than $1.3 billion worth of crypto transactions over the previous 24 hours, according to industry data. That puts it in the 35th position globally among cryptocurrency exchanges.