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.
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Brittany Whitmore, PR & Communications
Brittany is the founder of Exvera Communications, which specializes in PR for organizations in the innovation and technology industries. In 2017, Brittany was named to BC Business Magazine’s Top 30 Under 30. Brittany was previously communications lead for Procurify, a...
Piotr Piasecki, Head of Research & Development
Piotr is a leading, world-recognized voice in the blockchain sector as an academic, programmer, advisor, and thought leader. He boasts an extensive programming and software architecture background with a specialty in blockchain and financial technology. Piotr received...
Matthias Kucharska-Huelsmann, Systems Architect
Matthias is an entrepreneurial business strategist with over 10 years of consulting and project management experience and joins iComply as Systems Architect. He has worked with blue chip companies around the world and has a proven track record of successful project...
