Ontario regulator accuses Poloniex of violating securities law – Bits Media

Securities Commission of the Canadian province of Ontario (OSC) accused the Poloniex cryptocurrency exchange of violation of the securities law.

In this case, the regulator’s statement uses generalized formulations. In this way, If desired, OSC will be able to blame for violation of the law on securities any cryptocurrency site. The statement notes:

“Onterio residents open accounts on the Poloniex platform, make deposits and sell cryptocurrency products. But the Poloniex platform should obey the law on Ontario securities since cryptocurrency products, offered on the platform, are securities or derivatives on them ".

The first hearing in the case is planned for 18 june. The regulator requires a fine in 1 Mill of Canadian dollars ($830 000) for each case of violation. There are a lot of such cases of such cases, After all, any transaction with cryptocurrencies on the platform can be regarded as a violation.

Recall, that last fall, the BitMEX cryptocurrency derivatives announced to stop servicing users from Ontario's province of Ontario. The reason for this decision indicated the requirements of the Ontario Securities Commission.