OSC,The Ontario Securities Commission, claimed that Bybit has violated securities laws. And also there is another allegation against Bybit that they supported other exchanges for violation of laws.
The Ontario Securities Commission has formally put investing on Bybit for violating securities laws in Canada.
According to OSC there are many types of laws violated by Bybit.
On 21 June They officially published a notification regarding the whole thing.
According to this report the exchange disregarded Ontario securities laws and also Bybit tried to intend other trading platforms which are also violating Securities law.
Since OSC sent notice to these exchanges on 29 March. Through the notice they warned these types of exchanges and ordered them to contact back 19 April regarding all these compliance decisions.
OSC authority is trying to prove their system of work at a perfect level. They are rapidly taking action in this matter so that they can provide a better ecosystem for the Cryptocurrency users in a more safe way.
According to OSC, Kucoin is also another suspect of all these types of activities. Kucoin is also not following the Securities law and soon they will also receive the notice for this thing.
Why is the OSC in action after a long time?
Many people on social media are blaming OSC for their action against these cryptocurrencies exchanges.
People are saying that OSC wants attention in this market after the bull.
Why OSC never take action against these exchange before the bull or before the big movement in market.
But also opposite of this, Many people are supporting the OSC decision to make Cryptocurrency use more clearly in a better ecosystem, so that people can use Cryptocurrency without getting into fear.
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