TORONTO -- The Ontario Securities Commission is taking action against another foreign cryptocurrency company after it failed to enter discussions about bringing its platforms into compliance with provincial laws.

The OSC is pursuing Bybit Fintech Ltd., a company incorporated in the British Virgin Islands, which operates a cryptocurrency platform.

In a statement of allegations, the OSC's enforcement staff asked the commission to order Bybit to cease trading securities, pay an administrative penalty of not more than $1 million and cover the costs of the commission's investigation.

The regulator ordered crypto asset businesses to contact the OSC by April 19 to determine how their operations can meet provincial securities standards.

The OSC says the order applies to Bybit because its platform is available to Ontario residents and some have used it for trades.

Bybit says in an emailed statement they view legal compliance as one of their top priorities, noting they are consulting their lawyers and will discuss the issue with Ontario regulators.

The OSC took similar action in recent months against Polo Digital Assets, Ltd., which operates as Poloniex, and Mek Global Limited and PhoenixFin Pte Ltd., which are associated with KuCoin.