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Bybit, KuCoin Came Under Heavy Sanctions by Canadian Authorities

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Bybit and Kucoin were sanctioned in Canada. The OSC completed an investigation into Bybit and Kucoin and fined the exchanges for operating without a license. 

OSC has completed an investigation into Bybit and Kucoin. Both exchanges have to pay hefty fines for trading crypto without a license. But Bybit was allowed to continue operations, while Kucoin withdrew from the market.

The Ontario Securities Commission (OSC) is accusing Bybit and Kucoin of failing to meet regulatory requirements for derivatives trading. The regulator released its decision in the case yesterday, June 22.

The OSC expressed interest in the activities of these exchanges back in March last year. Bybit and Kucoin were accused of trading derivatives without a license, as well as using unregistered platforms to sell cryptoassets. 

After several months of proceedings, the parties came to a unified decision. The regulator fined Kucoin more than $1.6 million. The exchange refused to cooperate and undergoing the licensing procedure, after which it was blocked.

Kucoin will no longer register accounts of users from Canada, as well as provide their services. Investors should contact the administration for clarification on the timing of the withdrawal of funds. 

Bybit has agreed to further cooperation. The OSC noted that the company has entered into an open dialog and agrees to pay the fine in full. 

The exchange handed over $2.4 million in penalties to the agency, as well as about $8,000 in fees. It will return to operations once it receives a license to trade cryptoassets.

Cryptocurrency

SEC Chair Gary Gensler calls Bitcoin a commodity

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© Reuters SEC Chair Gary Gensler calls Bitcoin a commodity

In an appearance on CNBC’s Squawk Box on Monday, SEC Chairman Gary Gensler said that Bitcoin was the only cryptocurrency he was ready to publicly call a commodity.

Gensler aired his views while examining the implications of classifying certain cryptocurrencies as commodities rather than securities. He also addressed previous calls to ramp up the commission’s regulatory oversight of the crypto market.

According to Gensler, all the main market regulators in the US agree that cryptocurrencies are highly speculative. “This is a highly speculative asset class. We’ve known this for a long time the ups and downs of this speculative asset class — Bitcoin and hundreds of other tokens,” he said.

He goes on to note that the investing public expects a return from most of these digital assets like they would when they invest in securities. As a result, Gensler concludes that most tokens in the crypto market have the “key attributes” of securities, thereby putting them under the purview of the Securities and Exchange Commission.

Interestingly, Gensler opined that Bitcoin and a few other cryptocurrencies could be considered commodities.

Some, like Bitcoin, and that’s the only one, Jim, I’m gonna say because I’m not going to talk about any one of these tokens but my predecessors and others have said they’re a commodity.

Meanwhile, he called for fair disclosures in the crypto market, noting that the US was open to having hundreds of tokens legally operating in its market if they complied with SEC laws.

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Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

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Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

XCarnival, a liquidity provider for the Ethereum ecosystem, recovered 1,467 Ether (ETH) just a day after suffering an exploit that drained 3,087 ETH, worth roughly $3.8 million, from the protocol.

Blockchain investigator Peckshield noticed the XCarnival hack as it came across a stream of transactions that eventually bled 3,087 ETH from the protocol. Explaining the nature of the exploit, Peckshield stated:

Flowchart showing the transfer of the stolen XCarnival funds. Source: Peckshield
ETH wallet balance of the XCarnival hacker. Source: etherscan.io

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Holonus to announce its listing on LBank

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© Reuters Holonus to announce its listing on LBank

Holonus – Blockchain-based Best Ecosystem Platform for Next Generation

Humanity in the coming future will need the economic sphere on the Internet more than ever, like the water, air and food – the most necessary things to live on earth.

In the context of people’s economic activities changing dramatically, such as earning money by playing games and gaining approval, it is essential for a solid base system to be created for people to engage in economic activities in this economic sphere with peace of mind.

Holonus is blockchain-based best ecosystem platform for the next generation with a view to creating an economic zone based on the decentralized autonomous organisation (DAO).

In economic design on the Holonus platform, participants are rewarded when they provide value.

The concept of Decentralized Autonomous Organization is to make sure that all participants receive a fair reward for the value creation they have done. Holonus frees people from a hierarchical structure that is a real-world organizational structure and realizes a true DAO economic zone.

Holonus will list on LBank exchange

On June 27, the project Holonus is going to announce its listing on Lbank with the trading pair HLN/USDT. LBank Cryptocurrency Exchange – is the world’s leading crypto trading platform providing safe and professional services for global crypto users.

Announcement time : June 27th – 4pm UTC+8

Deposit time: June 29th – 4pm UTC+8

Trading start: June 30th – 6pm UTC+8

Withdrawal time: July 1st – 4pm UTC+8

Unique features: The basis for realization of Holonus economic zone

  • Dapps are linked to the Honolus blockchain and users can continuously create the wallet system.
  • Holonus Dapps builder allows all users to easily create blockchain applications with no code. It also enables them to build DApps such as original SNS and games dealing with Holon based on the Holonus blockchain and the wallet
  • Holonus ID allows users to send Holon and NFT in one transaction. Holonus DApps coin, a utility coin used in the Holonus DApps market, can also be sent at the same time.
  • Encryption, division, and decentralized systems provide high-quality functions and enhance better compliance and security beyond traditional databases.

What can we expect from the Holonus project in the upcoming time?

  • Airdrop to win HLN on Twitter (NYSE:TWTR): Holonus: https://twitter.com/holonusOfficial/status/1540671470900494336?s=20&t=3cRnE7B8ErULGkGWQibH2wLBank:https://twitter.com/LBank_Exchange/status/1540243364200808448?s=20&t=JbBLSNHlT7YE9NLttWaZFw
  • AMA on Holonus Official Telegram: June 28, 2022 – 4pm UTC+8https://twitter.com/holonusOfficial/status/1541020549811281920?s=20&t=3cRnE7B8ErULGkGWQibH2w
  • AMA in the official LBank Telegram group: June 30, 2022 – 4pm UTC+8https://twitter.com/LBank_Exchange/status/1541336840971640834?s=20&t=3cRnE7B8ErULGkGWQibH2w

For further information, contact via

  • Website: https://holonus.io/
  • Twitter: https://twitter.com/holonusOfficial
  • Telegram: https://t.me/HolonusBlockchain
  • Linktree: https://linktr.ee/holonus

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