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OSC head promises 'most serious consequences' for crypto companies encouraging VPN use to avoid rules

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There are suggestions that global crypto companies may be enticing Ontario investors to avert rules by masking their location. Read more.

Grant Vingoe, chief executive of Canada’s largest capital markets watchdog, said the growth of international platforms for buying and trading crypto that operate in “regulatory ambiguity” — without permission from either their home countries or the jurisdictions where targeted investors live — has created a “compelling” case for regulation in Canada.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

In June, the OSC logged two successful enforcement cases in a crackdown on “non-complaint” crypto asset trading platforms: a settlement with Bybit Fintech Ltd., and a Capital Markets Tribunal ruling against KuCoin that imposed a permanent market ban and “substantial” monetary sanctions. “Compliance systems are improving rapidly, and we will demand vigilance,” Vingoe wrote. “The solution for the residual risk will ultimately lie in increased international regulatory co-operation.”Article content

 

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