Fri, March 01, 2024

Status Markets Joins the OSC’s watch list.

Poloniex is not licensed to operate in Ontario, according to the Canadian securities regulator.

According to a regulatory announcement, the Ontario Securities Commission (OSC) has added Status Markets to its blacklist of firms not to do business with.

The OSC has added Status Markets to its watchlist. The representatives of this firm contacted Ontario residents by phone, seeking investment money to trade various asset classes on an online trading platform.

However, because this brand has not yet obtained a license to sell securities in Ontario or anywhere else in Canada, it has failed to comply with Canadian securities legislation.

 

Status Markets appears to be registered in the Republic of the Marshall Islands, specifically on Ajeltake Island, Majuro, where several other offshore brokers have registered offices. “Status Markets Iwww.statusmarkets.com) is not licensed in Ontario to trade in securities,” the OSC warned.

According to a filing published earlier this year, the Ontario Securities Commission (OSC) has accused Poloniex, a cryptocurrency exchange, of breaking its securities legislation. The OSC claims that the business’s crypto-asset products are “securities and derivatives,” defined by the regulatory body.

Poloniex tussles with Ontario

The Ontario Securities Commission (OSC) said Poloniex, which runs the name Polo Digital Assets Ltd., is subject to Ontario securities law since its digital assets offerings are accessible to residents of Ontario.

According to the release, people actively traded in cryptocurrencies under the securities and derivatives category. OSC permitted the category through the platform.

Poloniex is not licensed to operate in Ontario, according to the Canadian securities regulator, even though the crypto exchange is governed by Seychellois law.

Furthermore, the Commission claims that Poloniex did not identify Canada as a ‘Restricted Territory’ on its website. Nonetheless, the OSC requested that Poloniex shut down its operations “in all securities or derivatives.”

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