Aux Cayes Fintech Co. Ltd (“Aux Cayes”), a Seychelles-based crypto asset trading platform received an enforcement proceeding against the Ontario Securities Commission (“OSC”) over alleged securities law and registration violations.
OSC argued that Aux Cayes is subject to Ontario securities law because the trading platform is available to Ontario residents. In addition, OSC alleged that the crypto products offered are securities and derivatives in which case Aux Cayes did not comply with Ontario registration and prospectus requirements. On October 12, 2022, Aux Cayes settled with OSC in an agreement approved with the Ontario Capital Markets Tribunal which received significant media attention.
Fasken represented Aux Cayes with a team comprised of Brad Moore and Daniel Fuke.
Jurisdiction
- Ontario
