Another investor notice has been issued by the Ontario Securities Commission (OSC) in Canada, alerting citizens about unregistered cryptocurrency platforms. This time, the advisory specifically mentions three firms that are associated with KuCoin.
Investors are occasionally provided with alerts by the OSC concerning potentially risky behaviors that may be seen in the securities market. These alerts are meant to educate the general public about certain forms of fraud or other criminal conduct so that investors may make educated choices about where they choose to spend their money and avoid being victims of those sorts of fraud.
This is the second warning that the OSC has issued this month about Kucoin. It argues that unregistered businesses may present major dangers to consumers and requests that investors notify the OSC of any approaches made by the entities that have been highlighted.
In recent times, Bitcoin has received a significant amount of attention in Canada. And the government has been working hard to figure out how to control it in the most effective way possible. According to a survey that was recently released by the Bank of Canada, the percentage of people who possess Bitcoin has allegedly climbed from 5% in 2020 to 13% in 2021.
According to Canada’s Superintendent of Financial Institutions, who is in charge of supervising and regulating banks, insurance companies, and trust and loan organizations, a new set of crypto asset categorization rules will be implemented to ensure compliance with the new crypto legislation and place restrictions on the usage of crypto assets by banks and insurers.
To lower the level of risk associated with crypto asset exposures held by banks, one of the prerequisites will be the monitoring of businesses that are responsible for the redemptions, transfers, or settlement finality of the cryptocurrency.
