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ARTICLE · 05 MARCH 2025

Crypto Trading Platforms, Don't Sweep This Aside: The OSC Releases A Review Of Compliance And Best Practices

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On December 10, 2024, the Ontario Securities Commission (the OSC) issued Staff Notice 33-757 – Review of Restricted Dealer Crypto Asset Trading Platforms' Compliance with the Account Appropriateness...

CanadaTechnology
Alison Manzer
Alison Manzer
Sean Maniaci
Sean Maniaci
Camély Gendron
Camély Gendron
Tushar Sharma
Tushar Sharma
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Courtney Wong
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Ali Zankar
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On December 10, 2024, the Ontario Securities Commission (the OSC) issued Staff Notice 33-757 – Review of Restricted Dealer Crypto Asset Trading Platforms' Compliance with the Account Appropriateness, Investment Limits and Client Limits Requirements (the Staff Notice). The Staff Notice was issued after carrying out a focused compliance review (a Sweep) of the know-your-client (KYC), account appropriateness assessment and Client Limit (defined below) practices of six crypto asset trading platforms (CTPs) registered as restricted dealers in Ontario. The Staff Notice outlines the results of the Sweep and offers guidance to help CTPs meet their regulatory obligations.

The Sweep underscores the ongoing efforts of the Canadian Securities Administrators (the CSA), a conglomerate of provincial securities regulators, to enhance the regulatory framework for CTPs through discretionary securities law compliance reviews of registered and unregistered platforms. CTPs are

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