The Ontario Securities Commission introduced that Aux Cayes FinTech Limited, a Seychelles authorized entity that operates the OKEx cryptocurrency change, is failing to adjust to the provincial securities regulation laws.

18 Notice, the Ontario Securities Commission (OSC) alleges that Aux Cayes could have been concerned in unlawful actions and authorized motion might be taken if it doesn’t cooperate with the authorities. According to the OSC, crypto asset merchandise provided by way of OKEx are thought-about securities and derivatives and are topic to the securities laws of Ontario. The regulator alleged Aux Cayes failed to satisfy the area’s registration and prospectus necessities.

The OSC issued a warning to all crypto-asset trading platforms working within the province in March that they need to adjust to securities laws or take authorized motion by April 19. Although the regulator’s enforcement workforce stated Aux Cayes responded to restricted inquiries in June, the platform failed to offer “basic information about Ontario customers,” together with numbers, accounts and whole belongings.

The enforcement workforce recommends that the OSC order Aux Cayes to halt all cryptocurrency trading, prohibit the acquisition of securities, and probably pay tens of millions of {dollars} in fines and processing charges. According to an announcement made on August 19, the company has scheduled a listening to on September 15 to research the allegations.

Related: Ontario Securities Regulator Takes Action Against Kucoin

The fee made related allegations in opposition to Bybit, the cryptocurrency change KuCoin, and Polo Digital Assets, the dad or mum firm of Poloniex. In any case, the OSC claims the platforms didn’t contact the securities regulator by the nineteenth. The main crypto change Binance introduced in June that it might finish its providers to customers in Ontario.