Ontario OSC Adds Status Markets to Its Warning List

According to a regulatory statement, the Ontario Securities Commission (OSC) has added Status Markets to its list of companies not to do business with.

Status Markets is the latest entity to be added to the OSC warning list. Representatives of this company contacted Ontario residents by telephone, seeking investment funds to trade different asset classes through an online trading platform. However, this brand is not registered to sell securities in Ontario or anywhere else in Canada and has, therefore, failed to comply with provincial securities laws.

The brokerage appears to be registered in the Republic of the Marshall Islands, specifically in Ajeltake Island, Majuro, where several other offshore brokers have their registered offices. “Status Markets found at www.statusmarkets.com is not registered in Ontario to engage in the business of trading in securities,” the OSC noted in the warning.

Early this year, the OSC accused the cryptocurrency exchange, Poloniex of breaking its securities law through its platform. The regulator argues that crypto asset products offered by the company are “securities and derivatives,” according to a statement of allegations published by the OSC.

Poloniex Tussles with Ontario

Poloniex, which operates under the name of Polo Digital Assets Ltd., is subject to Ontario securities law as their digital assets offerings are available to Ontario’s residents, said the regulator. Through the platform, people have been actively conducting deposit and trade operations in cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term that fall under the securities and derivatives category granted by the OSC, the statement highlighted.

Although Poloniex is subject to the law of the Republic of Seychelles, the Canadian regulator pointed out that the crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term has never been registered with the OSC to offer trading services in Ontario. Furthermore, the Commission accuses the crypto firm of not specifying Canada as one of its ‘Restricted Territories’. That said, the OSC requested at that time that Poloniex cease its business “in any securities or derivatives.”