The Canadian regulators raised issues against those services which are operating their business without approval. They will soon clamp down on such kinds of services.
When it comes to the scrutiny issues against crypto exchange, Binance came at the top. But it seems that regulators are now ready to hammer on other crypto exchanges after Binance. Recently Binance seized their operations in Ontario for unspecified reasons. It seems that OKEx will be the next.
On 19 August, the Canadian regulator stated that FinTech, the Seychelles-based operator of the exchange is under investigation. This exchange is running their services without any permission or approval of the Canadian regulators.
OSC also stated that they will take action continuously against those crypto exchanges which are running without permission or approval against the rules.
“Staff will continue to take action against non-compliant crypto asset trading platforms and are in contact with international securities regulators to exchange information to support enforcement action”
It seems that Ontario regulators are now very strict for illegal crypto services. Recently they also took action against Bybit which is known for the bitcoin futures trading exchange. And also in the same month Binanace stopped their services from Ontario without explanation of the reason.