Crypto-asset exchange platforms under the spotlight

The Quebec financial watchdog is clamping down on foreign crypto-asset trading platforms.

Barely two months after a Dubai-based crypto-asset trading platform operating without a licence in Quebec was fined $2 million and ordered to cease trading in the province, the Financial Markets Administrative Tribunal (Tribunal) sanctioned the operators behind Hong Kong-based and its entities.

The Tribunal imposed an an administrative penalty of $2 million on Coinex and its entities, on a joint and several basis, and an administrative penalty of $300,000 against  its founder Haipo Yang.  CoinEx Global Limited, founded in 2017, also trades as CoinEx and, CoinEx Global Limited (CoinEx Canada), CoinEx Global Limited (CoinEx Estonia) and Vino Global Limited (Vino Global). The Tribunal also ordered the CoinEx entities, Vino Global Limited, and Haipo Yang to permanently block access to the site within two months following the ruling.

The decisions by the administrative tribunal reaffirms the resolve by securities watchdogs to protect investors from non-compliant crypto-asset trading platforms firms, according to legal experts.

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This story was originally published in Law360 Canada.


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