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.
KYC at Scale: How U.S. Fintechs Can Stay Compliant Without Sacrificing Growth
KYC doesn’t have to slow your growth. Discover how U.S. fintechs use iComply to automate verification, protect data, and meet regulatory expectations—all while improving sign-up rates.
How EU VASPs Can Comply with the FATF Travel Rule Using KYT & Edge-Based KYC
EU VASPs face strict Travel Rule enforcement in 2025. This guide explains how to meet MiCA and FATF requirements using iComply’s KYT and KYC tools—without compromising user experience or privacy.
One Month to Go: Preparing for the UK’s Mandatory Director and PSC Identity Verification
With the UK’s mandatory identity verification for company directors and Persons with Significant Control (PSCs) set to commence in autumn 2025, businesses have one month left to prepare. This article outlines the upcoming requirements, potential consequences of non-compliance, and how to ensure readiness.
