Crypto firm sanctioned in OSC case
Specifically, between late 2019 and early 2023, the platform traded over US$74 million in the tether stable coin (USDT) for investors in Ontario via its mobile apps — generating 39,712 in USDT in trading fees.
Now, following a hearing, the tribunal has permanently banned the firms and ordered them to pay almost $500,000. That amount includes a $300,000 penalty, $135,000 in costs, and an order to disgorge US$39,712 (since USDT traded at par with the U.S. dollar).
According to the tribunal’s ruling, Phemex didn’t oppose the permanent ban, or the disgorgement order — it began blocking Ontario-based IP addresses in 2023. However, it did oppose the penalty and costs orders sought by the Ontario Securities Commission…
