BCSC targets EU virtual asset platform i-Coin
The British Columbia Securities Commission issues regulatory warning against i-Coin, a European cryptocurrency trading platform
What Happened?
April 29, 2020: Estonia-based cryptocurrency trading platform i-Coin was found to have accepted funds from a British Columbia resident without being recognized as an exchange or registered as a dealer in B.C. According to Canadian legislation, i-Coin’s activities were regulated and the firm has been added to the IOSCO warnings list.
Source: https://www.bcsc.bc.ca/Enforcement/Investment_Caution_List/i-Coin/
Who Is Impacted?
Cryptocurrency trading platforms and virtual asset service providers (VASPs) serving Canadian residents.
Why This Matters?
Many VASPs continue to operate on a global basis, without securing the required licenses or implementing the required KYC and AML compliance systems of the jurisdictions in which they accept users. This enforcement measure signals the importance for businesses to properly secure licensing in every jurisdiction they will accepting users.
What’s Next?
By adding i-Coin to the Investment Caution List, the BCSC has sent a clear message that these practices–although common in the cryptocurrency and fintech industries–are unlawful practices and can result in public enforcement.
VASPs who serve any Canadian user should seek legal and compliance advice from local experts to ensure they have the appropriate license for every jurisdiction in Canada.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
2025 Outlook: Data Privacy and Security in KYB, KYC, AML Compliance
In today’s rapidly changing digital landscape, data privacy and security are more crucial than ever for compliance teams. As regulations tighten and cyber threats evolve, businesses must prioritize innovative solutions. Enter edge computing, a game-changer for KYC,...
A Quick Start Guide to Beneficial Ownership Reviews
Simplify Beneficial Ownership Reviews with iComply
Streamline your due diligence process with automated data collection, verification, and reporting. Enhance compliance and reduce risk with iComply’s comprehensive solution.
The Future of Document Verification: From Frustration to Simplicity
Transforming Identity Document Verification: A Seamless Customer Experience
Tired of outdated, time-consuming document verification processes? Discover how iComply’s seamless solution enhances customer experience while ensuring security and compliance.
Revolutionizing KYC for Insurance Companies: A Smarter, Simpler Approach
KYC in Insurance: Streamlining Compliance and Building Trust
Enhance customer experience and strengthen fraud prevention with iComply’s comprehensive KYC solution for insurance companies. Streamline identity verification, risk assessment, and ongoing monitoring.