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 Any funds or assets remaining in Ontario retail investor accounts may be used for non-restricted products or withdrawn from the Bybit platform.
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