The Ontario Securities Commission (OSC) has taken legal action against Manticore Labs OÜ and Manticore Labs Inc. (referred to as CoinField), alleging their non-compliance with Ontario securities law.
According to the OSC, CoinField has operated an unregistered cryptocurrency trading platform since at least 2018, permitting Ontario residents to trade cryptocurrency products classified as securities and derivatives. Additionally, CoinField allegedly lacked sufficient cryptocurrency assets in custody to meet investor withdrawal requests, and it failed to process these requests promptly, if at all. The OSC claims that CoinField misled both investors and the OSC about the reasons behind the withdrawal delays.
This enforcement action is part of a broader effort by the Canadian Securities Administrators to ensure that cryptocurrency trading platforms adhere to securities legislation in Canada. Regardless of where they operate, platforms facilitating cryptocurrency trading for Canadian investors are expected to comply with applicable Canadian securities laws.
The OSC has emphasized the importance of investors verifying the registration of any entity offering investment opportunities and consulting the list of platforms registered with Canadian securities regulators before investing in cryptocurrency assets. Additionally, the OSC continues to add unregistered cryptocurrency trading platforms to its Investor Warning List.
The OSC’s primary mission is to safeguard investors from unfair, improper, or fraudulent practices, promote fair and competitive capital markets, foster capital formation, and contribute to financial system stability while reducing systemic risk. Investors are encouraged to verify the registration of any individual or company offering investment opportunities and review the OSC’s investor resources available on their website.
By FCCT Editorial Team
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