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.
Business Continuity After Fraud: How to Recover and Build a Foundation for Success
Has your business recently faced difficulties due to a fraudster, money laundering, or other criminal activity? Whether your experience stems from a failure to comply with existing AML legislation or from overlooked vulnerabilities in your current KYC or KYB...
Reviewing Customer Risk Profiles After Onboarding
As we ease into a new year, there’s never been a better time to review your organization's AML and KYC protocols to ensure you are as protected as possible. Criminal activities continue to grow increasingly complex and fraudsters find new ways to fly under the radar,...
Factors of Conducting Enhanced Due Diligence
Are your KYC protocols and practices set up for success in 2023? As we settle into the new year and face the ever-evolving world of online business, now more than ever before companies and financial institutions should prepare and implement strong Anti-Money...