Bybit announced that it reached a settlement agreement with the Ontario Securities Commission (OSC) on Thursday, a day after the OSC released a Statement of Allegations against the crypto asset trading platform.
The agreement includes several measures to be taken by Bybit as it engages in registration talks with the Canadian regulator. This announcement comes after the OSC issued financial penalties against Bybit and KuCoin, claiming violation of securities laws and operating unregistered crypto-asset trading platforms.
According to the Settlement Agreement, Bybit has disgorged revenues totaling approximately $2.47 million and compensated the OSC $7,707 (CA $10,000) for costs. No additional monetary penalties were levied on Bybit as part of the agreement.
Also, Bybit announced that it would not accept new accounts from Ontario residents, provide any new goods to existing accounts held by Ontario investors, or conduct marketing and promotional efforts targeted at Ontario residents.
Registration discussions with the provincial regulator are currently