Bybit Settles with the Ontario Securities Commission (OSC)
Ontario, Canada--(Newsfile Corp. - June 23, 2022) - Bybit announced today that it has entered into a settlement agreement with the Ontario Securities Commission ("OSC") regarding matters at issue outlined in the Statement of Allegations made by the OSC on June 21, 2021 (the "Settlement Agreement"). The Settlement Agreement and corresponding Undertaking contemplates various steps to be taken by Bybit while it engages in registration discussions with the OSC.
In summary, as part of the Settlement Agreement, Bybit has disgorged the revenues from its Ontario accounts of approximately $2.47 million USD and has paid the OSC $10,000 CAD for their costs. No other monetary sanctions were imposed on Bybit. While registration discussions are ongoing, Bybit undertook to not accept new accounts for Ontario residents, offer any new products to existing accounts held by Ontario investors, or engage in any marketing and promotional activities targeted at Ontario residents. If registration discussions fail, Bybit will wind up its Ontario operations. For existing Ontario retail investors, Bybit will require investors to wind down their positions in certain restricted products, such as contracts that involve leverage, margin, or the extension of credit. Any funds or assets remaining in Ontario retail investor accounts may be used for non-restricted products or withdrawn from the Bybit platform.
"It has always been our primary objective to operate our business in compliance with all relevant rules and regulations in Ontario. Bybit took immediate steps to cooperate with the OSC upon being notified of the issuance of the Statement of Allegations and we have started the registration and compliance process in Ontario," said Ben Zhou, co-founder and CEO of Bybit. "We appreciate the OSC's efforts in protecting Ontario investors and look forward to cooperating with the OSC in all respects in the registration process. As crypto adoption goes mainstream, it is crucial for us to deliver next level trading experiences to all crypto believers."
Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.
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