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.
How to do a KYC Refresh in Financial Services
Emily, a seasoned compliance officer, remembers the days when performing a KYC (Know Your Customer) refresh meant a mountain of manual work. Tasked with ensuring her financial services firm remained compliant with evolving regulations, Emily had to juggle stacks of...
Liveness Detection: The Key to Secure and Seamless Identity Verification
Liveness Detection: The Future of Identity Verification
Enhance security and streamline workflows with liveness detection. Learn how this technology is transforming identity verification and why businesses should move beyond outdated methods like selfie uploads and emailed IDs.
How to Build an AML Program: A Step-by-Step Guide
Learn how to build an AML program with this step-by-step guide. Follow Mark, a UK fintech cofounder, as he creates a compliant AML framework with streamlined policies, KYB/KYC automation, and team training using iComply’s platform. Save time, reduce costs, and ensure regulatory confidence.