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Canadian regulators allege that Poloniex exchange has transgressed securities laws.

The central bank of Canada says that they could accelerate their digital currency plans due to the coronavirus pandemic.


The Ontario Securities Commission [OSC] of Canada has published a notice stating that the Poloniex exchange has transgressed securities laws, among other violations. Staff members from the commission filed the allegations on May 25, with the hearing set for June 18. Poloniex was asked to speak with the agency by April 19 to fully comply with national securities laws. The crypto exchange did not do so, so the OSC went ahead with the filing.

 

“Poloniex is “accountable for disregarding Ontario securities law.”

The securities regulators made the initial request because Poloniex holds trading accounts for residents in Ontario and markets itself to Canadians. The OSC is keen to ensure that crypto platforms abide by laws. In the note put forward by the agency, it states that Poloniex is “accountable for disregarding Ontario securities law,” also wishing to “signal that cryptocurrency trading platforms flouting Ontario securities law will face regulatory action.” The regulator also said that the services that Poloniex offered amounted to securities and derivatives. 

 

Regulators tighten up laws on crypto markets. 

Over 70 crypto firms had reportedly spoken to the security regulator regarding compliance, but crypto exchange Poloniex was not one of them. The decision by the OSC indicates that it is stepping up its scrutiny of the crypto market, just as regulators in many other countries are doing the same. Earlier, regulators in the North American continent targeted cryptocurrency firms that are violating securities laws. As reported previously, the crypto derivatives platform BitMEX is facing charges for not complying with proper KYC laws, and its officials will face trial next year. US SEC also filed a lawsuit against blockchain firm Ripple for allegedly conducting an illegal security sale. 



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