Ontario Regulator Says Crypto Firm Broke Securities Laws

Law360 (May 26, 2021, 6:08 PM EDT) -- Ontario's securities regulator on Tuesday accused crypto-asset exchange Poloniex of selling securities without the proper registration, in a warning shot to other cryptocurrency companies with customers in the province.

The Ontario Securities Commission's enforcement arm alleged that Polo Digital Assets Ltd., which goes by Poloniex, violated Ontario securities law by selling securities and derivatives to residents without meeting registration requirements.

The move comes roughly two months after the commission put out a public notice saying crypto-asset companies had until April 19 to initiate contact with the OSC about coming into compliance with securities laws.

More than 70 platforms had reached out...

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